Quantbot Technologies LP Buys 33,828 Shares of Fulgent Genetics, Inc. $FLGT

Key Points

• Quantbot Technologies LP increased its stake in Fulgent Genetics by 324.6%, acquiring an additional 33,828 shares to reach a total of 44,248 shares valued at approximately $748,000.
• Fulgent Genetics reported quarterly earnings of $0.07 per share, exceeding the consensus estimate of ($0.23), and posted a 15.2% year-over-year revenue increase.
• Analysts have set a consensus price target of $25.33 for Fulgent Genetics, with UBS Group raising their target from $20.00 to $30.00 and maintaining a "buy" rating.

Quantbot Technologies LP lifted its stake in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 324.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,248 shares of the company's stock after acquiring an additional 33,828 shares during the quarter. Quantbot Technologies LP owned about 0.15% of Fulgent Genetics worth $748,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FLGT. Millennium Management LLC increased its stake in shares of Fulgent Genetics by 20.6% during the fourth quarter. Millennium Management LLC now owns 1,531,801 shares of the company's stock valued at $28,292,000 after acquiring an additional 261,152 shares during the period. Ameriprise Financial Inc. boosted its holdings in Fulgent Genetics by 40.8% during the fourth quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company's stock worth $9,268,000 after buying an additional 145,518 shares in the last quarter. Deutsche Bank AG boosted its holdings in Fulgent Genetics by 105.3% during the first quarter. Deutsche Bank AG now owns 269,770 shares of the company's stock worth $4,559,000 after buying an additional 138,340 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Fulgent Genetics by 98.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 249,659 shares of the company's stock worth $4,219,000 after purchasing an additional 123,702 shares in the last quarter. Finally, GSA Capital Partners LLP grew its position in Fulgent Genetics by 442.1% during the 1st quarter. GSA Capital Partners LLP now owns 104,815 shares of the company's stock worth $1,771,000 after purchasing an additional 85,481 shares in the last quarter. Institutional investors and hedge funds own 48.06% of the company's stock.

Insider Buying and Selling

In related news, COO Jian Xie sold 1,199 shares of Fulgent Genetics stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $21.48, for a total value of $25,754.52. Following the transaction, the chief operating officer owned 365,249 shares in the company, valued at $7,845,548.52. This trade represents a 0.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 3,386 shares of company stock valued at $72,756. Company insiders own 31.76% of the company's stock.

Fulgent Genetics Trading Up 0.6%

FLGT traded up $0.14 during trading on Friday, hitting $22.17. The stock had a trading volume of 348,546 shares, compared to its average volume of 306,771. The firm has a market cap of $678.62 million, a PE ratio of -13.36 and a beta of 0.83. Fulgent Genetics, Inc. has a 12 month low of $14.57 and a 12 month high of $23.56. The company has a 50 day simple moving average of $19.81 and a 200-day simple moving average of $18.96.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last announced its earnings results on Friday, August 1st. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.23) by $0.30. The firm had revenue of $81.80 million for the quarter, compared to the consensus estimate of $76.21 million. Fulgent Genetics had a negative net margin of 16.83% and a negative return on equity of 2.26%. The business's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.15 EPS. Fulgent Genetics has set its FY 2025 guidance at -0.350--0.350 EPS. As a group, sell-side analysts anticipate that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FLGT shares. Raymond James Financial reissued an "outperform" rating and set a $25.00 target price (up previously from $24.00) on shares of Fulgent Genetics in a research note on Monday, May 5th. Piper Sandler set a $21.00 price objective on shares of Fulgent Genetics and gave the company a "neutral" rating in a research note on Monday, August 4th. Finally, UBS Group raised shares of Fulgent Genetics from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $20.00 to $30.00 in a research note on Tuesday, August 5th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Fulgent Genetics presently has an average rating of "Moderate Buy" and a consensus target price of $25.33.

About Fulgent Genetics

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company's clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.