Vanguard Group Inc. Cuts Stock Position in Fulgent Genetics, Inc. $FLGT

Key Points

• Vanguard Group Inc. reduced its ownership in Fulgent Genetics, Inc. by 16.0% in the first quarter, owning approximately 3.78% of the company after selling 223,100 shares.
• Fulgent Genetics reported a 15.2% increase in quarterly revenue year-over-year, totaling $81.80 million, and earnings per share exceeded expectations at $0.07.
• Analysts have upgraded the stock rating, with UBS Group raising it from "neutral" to "buy" and increasing the target price from $20.00 to $30.00.

Vanguard Group Inc. cut its position in Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) by 16.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,167,974 shares of the company's stock after selling 223,100 shares during the quarter. Vanguard Group Inc. owned about 3.78% of Fulgent Genetics worth $19,739,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. State of Wyoming bought a new stake in shares of Fulgent Genetics in the fourth quarter valued at $57,000. PNC Financial Services Group Inc. raised its stake in shares of Fulgent Genetics by 122.8% in the first quarter. PNC Financial Services Group Inc. now owns 3,562 shares of the company's stock valued at $60,000 after buying an additional 1,963 shares during the period. GAMMA Investing LLC raised its stake in shares of Fulgent Genetics by 106.4% in the first quarter. GAMMA Investing LLC now owns 4,402 shares of the company's stock valued at $74,000 after buying an additional 2,269 shares during the period. Easterly Investment Partners LLC bought a new stake in shares of Fulgent Genetics in the first quarter valued at $198,000. Finally, Aquatic Capital Management LLC raised its stake in shares of Fulgent Genetics by 157.4% in the fourth quarter. Aquatic Capital Management LLC now owns 12,869 shares of the company's stock valued at $238,000 after buying an additional 7,869 shares during the period. 48.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Fulgent Genetics news, COO Jian Xie sold 1,199 shares of the company's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $21.48, for a total value of $25,754.52. Following the transaction, the chief operating officer directly owned 365,249 shares in the company, valued at $7,845,548.52. This represents a 0.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 3,386 shares of company stock valued at $72,756. 33.11% of the stock is owned by corporate insiders.

Fulgent Genetics Price Performance

NASDAQ FLGT traded up $0.14 during trading on Monday, reaching $22.17. The company's stock had a trading volume of 348,546 shares, compared to its average volume of 270,210. The firm has a fifty day moving average of $19.86 and a 200 day moving average of $19.01. Fulgent Genetics, Inc. has a one year low of $14.57 and a one year high of $23.56.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FLGT. UBS Group upgraded Fulgent Genetics from a "neutral" rating to a "buy" rating and lifted their price target for the company from $20.00 to $30.00 in a research report on Tuesday, August 5th. Piper Sandler set a $21.00 price target on Fulgent Genetics and gave the company a "neutral" rating in a research report on Monday, August 4th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $25.00 price target (up from $24.00) on shares of Fulgent Genetics in a research report on Monday, May 5th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.33.

Fulgent Genetics 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.