Victory Capital Management Inc. Acquires 12,945 Shares of GeneDx Holdings Corp. (NASDAQ:WGS)

Key Points

• Victory Capital Management Inc. increased its stake in GeneDx Holdings Corp. by 475.9%, acquiring an additional 12,945 shares during the 1st quarter, bringing its total holdings to 15,665 shares.
• GeneDx reported $102.69 million in revenue for the last quarter, significantly exceeding the consensus estimate of $86 million, along with an EPS of $0.50.
• Various institutional investors, including Lord Abbett & CO. LLC and Summit Partners Public Asset Management LLC, have made substantial investments in GeneDx, indicating strong institutional interest with a total ownership of approximately 61.72% of the company's stock.

Victory Capital Management Inc. lifted its stake in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 475.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,665 shares of the company's stock after purchasing an additional 12,945 shares during the period. Victory Capital Management Inc. owned 0.06% of GeneDx worth $1,387,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of GeneDx by 18.5% in the fourth quarter. Vanguard Group Inc. now owns 1,006,210 shares of the company's stock worth $77,337,000 after buying an additional 156,768 shares in the last quarter. Summit Partners Public Asset Management LLC raised its stake in GeneDx by 336.9% during the fourth quarter. Summit Partners Public Asset Management LLC now owns 755,564 shares of the company's stock valued at $58,073,000 after purchasing an additional 582,619 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in GeneDx during the fourth quarter valued at $48,458,000. Fred Alger Management LLC raised its stake in shares of GeneDx by 38.5% in the fourth quarter. Fred Alger Management LLC now owns 546,054 shares of the company's stock valued at $41,970,000 after acquiring an additional 151,824 shares during the period. Finally, Science & Technology Partners L.P. purchased a new stake in shares of GeneDx in the fourth quarter valued at $30,821,000. 61.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Keith A. Meister purchased 100,000 shares of the business's stock in a transaction dated Thursday, May 8th. The stock was bought at an average cost of $56.01 per share, with a total value of $5,601,000.00. Following the purchase, the director directly owned 3,008,629 shares of the company's stock, valued at approximately $168,513,310.29. This trade represents a 3.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Kevin Feeley sold 388 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $105.31, for a total value of $40,860.28. Following the completion of the transaction, the chief financial officer directly owned 3,757 shares in the company, valued at $395,649.67. The trade was a 9.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,411 shares of company stock valued at $2,085,051. Corporate insiders own 29.60% of the company's stock.

Analysts Set New Price Targets

WGS has been the subject of a number of recent analyst reports. Piper Sandler lifted their target price on shares of GeneDx from $110.00 to $120.00 and gave the stock an "overweight" rating in a research note on Monday. Wells Fargo & Company lifted their price target on shares of GeneDx from $78.00 to $95.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Jefferies Financial Group raised shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a research note on Friday, May 9th. Wall Street Zen raised shares of GeneDx from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Guggenheim reissued a "buy" rating and issued a $115.00 price target (up previously from $88.00) on shares of GeneDx in a research note on Monday, June 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $101.63.

GeneDx Stock Performance

Shares of WGS stock traded up $3.73 on Monday, hitting $105.33. 510,665 shares of the stock traded hands, compared to its average volume of 1,089,250. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.87 and a quick ratio of 2.70. The company has a market capitalization of $3.01 billion, a PE ratio of 2,104.20 and a beta of 2.02. GeneDx Holdings Corp. has a 1-year low of $25.32 and a 1-year high of $117.75. The company's fifty day moving average is $80.02 and its 200 day moving average is $83.14.

GeneDx (NASDAQ:WGS - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.40. GeneDx had a return on equity of 16.51% and a net margin of 0.39%. The company had revenue of $102.69 million during the quarter, compared to analysts' expectations of $86.00 million. On average, equities research analysts predict that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

GeneDx Company Profile

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.