Rhumbline Advisers Decreases Holdings in Fulgent Genetics, Inc. (NASDAQ:FLGT)

Rhumbline Advisers trimmed its position in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 51.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 32,354 shares of the company's stock after selling 34,049 shares during the quarter. Rhumbline Advisers owned 0.10% of Fulgent Genetics worth $547,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in FLGT. Millennium Management LLC increased its stake in shares of Fulgent Genetics by 20.6% in the fourth quarter. Millennium Management LLC now owns 1,531,801 shares of the company's stock worth $28,292,000 after buying an additional 261,152 shares during the period. Ameriprise Financial Inc. increased its position in Fulgent Genetics by 40.8% during the 4th quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company's stock valued at $9,268,000 after purchasing an additional 145,518 shares during the period. JPMorgan Chase & Co. increased its position in Fulgent Genetics by 39.4% during the 4th quarter. JPMorgan Chase & Co. now owns 471,259 shares of the company's stock valued at $8,704,000 after purchasing an additional 133,215 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Fulgent Genetics by 803.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 125,957 shares of the company's stock valued at $2,326,000 after purchasing an additional 112,011 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of Fulgent Genetics by 129.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 130,684 shares of the company's stock valued at $2,414,000 after buying an additional 73,843 shares in the last quarter. 48.06% of the stock is owned by hedge funds and other institutional investors.

Fulgent Genetics Stock Down 3.8%

NASDAQ FLGT opened at $19.53 on Monday. Fulgent Genetics, Inc. has a 52 week low of $14.57 and a 52 week high of $25.11. The firm has a market capitalization of $594.49 million, a P/E ratio of -14.68 and a beta of 1.06. The company has a 50-day moving average price of $19.84 and a 200-day moving average price of $18.34.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last released its earnings results on Friday, May 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.22. The company had revenue of $73.46 million during the quarter, compared to analyst estimates of $71.26 million. Fulgent Genetics had a negative net margin of 13.94% and a negative return on equity of 2.19%. The firm's quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.01) EPS. As a group, equities research analysts anticipate that Fulgent Genetics, Inc. will post -0.85 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FLGT shares. Piper Sandler reiterated a "neutral" rating and issued a $23.00 price target (up previously from $16.00) on shares of Fulgent Genetics in a research note on Tuesday, May 6th. Raymond James Financial reiterated an "outperform" rating and issued a $25.00 price target (up previously from $24.00) on shares of Fulgent Genetics in a research note on Monday, May 5th. Finally, Wall Street Zen upgraded shares of Fulgent Genetics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th.

Insiders Place Their Bets

In other news, COO Jian Xie sold 1,873 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $20.54, for a total transaction of $38,471.42. Following the completion of the transaction, the chief operating officer now directly owns 372,631 shares in the company, valued at approximately $7,653,840.74. This represents a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 33.11% of the stock is currently owned by corporate insiders.

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.

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