Tidal Investments LLC Makes New $1.28 Million Investment in 10x Genomics $TXG

Key Points

• Tidal Investments initiated a position in 10x Genomics worth approximately $1.28 million by purchasing 33,351 shares. Institutional investors collectively own 84.68% of the company.
• 10x Genomics reported quarterly revenue of $151.04 million and an adjusted loss of $0.14 per share, beating analyst estimates, though revenue declined 12.7% year over year and the company remained unprofitable.
• Analysts maintain a consensus “Hold” rating with a $44 price target, well below the stock’s reported $76.60 price. Meanwhile, insiders sold more than 178,000 shares valued at about $10.35 million during the quarter.

Tidal Investments LLC bought a new position in 10x Genomics (NASDAQ:TXG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 33,351 shares of the company's stock, valued at approximately $1,279,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC boosted its position in shares of 10x Genomics by 164.4% during the fourth quarter. Larson Financial Group LLC now owns 2,364 shares of the company's stock valued at $39,000 after purchasing an additional 1,470 shares in the last quarter. Fifth Third Bancorp bought a new position in 10x Genomics in the first quarter worth $50,000. Elevation Wealth Partners LLC lifted its position in 10x Genomics by 332.3% during the second quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company's stock valued at $57,000 after buying an additional 1,143 shares during the period. Nykredit A S purchased a new position in 10x Genomics during the second quarter valued at $126,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of 10x Genomics by 16.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,186 shares of the company's stock valued at $153,000 after buying an additional 1,012 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

10x Genomics Price Performance

TXG opened at $76.60 on Friday. The firm has a market cap of $9.98 billion, a PE ratio of -129.83 and a beta of 2.08. The stock has a 50-day moving average price of $57.07 and a 200-day moving average price of $36.87. 10x Genomics has a 1 year low of $11.16 and a 1 year high of $79.94.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.10. The company had revenue of $151.04 million for the quarter, compared to the consensus estimate of $146.67 million. 10x Genomics had a negative net margin of 12.18% and a negative return on equity of 9.33%. 10x Genomics's revenue for the quarter was down 12.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.28 EPS. As a group, sell-side analysts anticipate that 10x Genomics will post -0.75 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley upped their target price on shares of 10x Genomics from $37.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of 10x Genomics in a research note on Wednesday, June 24th. Citigroup upped their price objective on shares of 10x Genomics from $45.00 to $50.00 and gave the stock a "neutral" rating in a report on Friday, August 7th. UBS Group initiated coverage on shares of 10x Genomics in a research note on Wednesday, September 9th. They set a "neutral" rating and a $68.00 target price for the company. Finally, Piper Sandler lifted their target price on shares of 10x Genomics from $42.00 to $47.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, 10x Genomics presently has a consensus rating of "Hold" and a consensus price target of $44.00.

Insider Activity

In other 10x Genomics news, CEO Serge Saxonov sold 10,486 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $63.69, for a total transaction of $667,853.34. Following the sale, the chief executive officer directly owned 1,075,349 shares in the company, valued at approximately $68,488,977.81. This trade represents a 0.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Benjamin J. Hindson sold 13,818 shares of the company's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $63.02, for a total value of $870,810.36. Following the transaction, the insider directly owned 488,182 shares in the company, valued at approximately $30,765,229.64. The trade was a 2.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 178,610 shares of company stock valued at $10,348,120. Company insiders own 8.84% of the company's stock.

About 10x Genomics

10x Genomics, Inc develops life science technology for analyzing biological systems at the single-cell and spatial levels. Its platforms are designed to help researchers study gene expression, genetic variation, cell populations and tissue organization with greater detail than conventional laboratory methods.

The company's product portfolio includes the Chromium platform for single-cell analysis, Visium solutions for spatial transcriptomics and tissue profiling, and Xenium in situ platforms for high-resolution analysis of RNA and other biological features within tissue samples.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.