Rhumbline Advisers Sells 34,049 Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT)

Rhumbline Advisers reduced its position in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 51.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 32,354 shares of the company's stock after selling 34,049 shares during the period. Rhumbline Advisers owned about 0.10% of Fulgent Genetics worth $547,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in FLGT. Federated Hermes Inc. raised its stake in Fulgent Genetics by 4.4% during the 4th quarter. Federated Hermes Inc. now owns 41,882 shares of the company's stock valued at $774,000 after buying an additional 1,774 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Fulgent Genetics by 267.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,693 shares of the company's stock valued at $50,000 after buying an additional 1,960 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its stake in Fulgent Genetics by 15.2% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 15,129 shares of the company's stock valued at $280,000 after buying an additional 1,995 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Fulgent Genetics during the 4th quarter valued at $57,000. Finally, State of Wyoming purchased a new stake in Fulgent Genetics during the 4th quarter valued at $57,000. 48.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Fulgent Genetics Price Performance

Shares of NASDAQ:FLGT traded up $0.03 during midday trading on Thursday, hitting $19.60. The company had a trading volume of 173,759 shares, compared to its average volume of 285,796. The company has a market cap of $596.62 million, a price-to-earnings ratio of -14.74 and a beta of 1.06. Fulgent Genetics, Inc. has a 12-month low of $14.57 and a 12-month high of $25.11. The company has a fifty day moving average of $19.89 and a two-hundred day moving average of $18.35.

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

Insider Buying and Selling

In related news, COO Jian Xie sold 1,873 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $20.54, for a total value of $38,471.42. Following the completion of the transaction, the chief operating officer now owns 372,631 shares of the company's stock, valued at approximately $7,653,840.74. This represents a 0.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 31.76% of the stock is currently owned by insiders.

Fulgent Genetics Company Profile

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.