Renaissance Technologies LLC Decreases Stock Position in Fulgent Genetics, Inc. $FLGT

Key Points

• Renaissance Technologies cut its Fulgent Genetics stake by 78.3% in the first quarter, selling 64,864 shares and retaining 18,000 shares valued at approximately $286,000. Institutional investors collectively own 48.06% of the company.
• Fulgent Genetics reported weaker-than-expected quarterly results, with an adjusted loss of $0.58 per share versus the $0.46 consensus estimate and revenue of $85.39 million compared with expectations of $94 million. The company also posted a negative net margin of 26.05%.
• Analyst sentiment remains cautious: the stock has an average “Hold” rating and a $27.50 target price, while recent coverage included a downgrade to “strong sell,” a “neutral” rating, and a reiterated “sell” rating. FLGT opened at $19.74, within its 52-week range of $13.46 to $31.04.

Renaissance Technologies LLC decreased its position in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 78.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,000 shares of the company's stock after selling 64,864 shares during the quarter. Renaissance Technologies LLC owned 0.06% of Fulgent Genetics worth $286,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its holdings in Fulgent Genetics by 2,984,354.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company's stock valued at $39,985,000 after purchasing an additional 1,522,021 shares in the last quarter. Millennium Management LLC lifted its holdings in Fulgent Genetics by 1.8% in the 3rd quarter. Millennium Management LLC now owns 1,468,844 shares of the company's stock worth $33,196,000 after buying an additional 26,582 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Fulgent Genetics by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 1,179,254 shares of the company's stock worth $26,651,000 after buying an additional 13,295 shares in the last quarter. RTW Investments LP purchased a new position in Fulgent Genetics in the 4th quarter valued at about $18,521,000. Finally, Geode Capital Management LLC boosted its position in Fulgent Genetics by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 508,224 shares of the company's stock valued at $13,353,000 after buying an additional 6,553 shares during the last quarter. Hedge funds and other institutional investors own 48.06% of the company's stock.

Fulgent Genetics Price Performance

Shares of FLGT stock opened at $19.74 on Thursday. The firm has a market cap of $543.05 million, a P/E ratio of -7.00 and a beta of 0.90. Fulgent Genetics, Inc. has a 1-year low of $13.46 and a 1-year high of $31.04. The firm has a fifty day moving average of $19.40 and a two-hundred day moving average of $18.36.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported ($0.58) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.12). Fulgent Genetics had a negative net margin of 26.05% and a negative return on equity of 4.93%. The company had revenue of $85.39 million during the quarter, compared to analyst estimates of $94.00 million. Fulgent Genetics has set its FY 2026 guidance at -2.350--2.220 EPS. On average, sell-side analysts expect that Fulgent Genetics, Inc. will post -3.48 EPS for the current year.

Insider Activity at Fulgent Genetics

In other Fulgent Genetics news, insider Hanlin Gao sold 1,688 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $17.89, for a total transaction of $30,198.32. Following the sale, the insider owned 990,374 shares in the company, valued at $17,717,790.86. This represents a 0.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,146 shares of the firm's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $17.89, for a total value of $38,391.94. Following the transaction, the chief operating officer owned 367,605 shares in the company, valued at $6,576,453.45. This trade represents a 0.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 5,980 shares of company stock worth $106,360 in the last 90 days. 36.18% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FLGT has been the topic of a number of analyst reports. Wall Street Zen lowered Fulgent Genetics from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Piper Sandler increased their price target on Fulgent Genetics from $15.00 to $19.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Fulgent Genetics in a research note on Monday, July 6th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Fulgent Genetics has an average rating of "Hold" and an average target price of $27.50.

Fulgent Genetics Profile

Fulgent Genetics, Inc NASDAQ: FLGT is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company's infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent's product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.

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