VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $662,000 Investment in Fulgent Genetics, Inc. $FLGT

Key Points

• The Virginia Retirement Systems acquired a new position in Fulgent Genetics, purchasing 33,313 shares valued at approximately $662,000.
• Fulgent Genetics reported $0.07 earnings per share for the latest quarter, surpassing analyst estimates of a loss, and recorded a 15.2% year-over-year revenue increase.
• UBS Group recently upgraded Fulgent Genetics to a "buy" rating with a target price increase from $20.00 to $30.00, indicating positive market sentiment toward the company's growth potential.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 33,313 shares of the company's stock, valued at approximately $662,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.11% of Fulgent Genetics at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in FLGT. Headlands Technologies LLC grew its stake in shares of Fulgent Genetics by 8.0% during the first quarter. Headlands Technologies LLC now owns 7,041 shares of the company's stock valued at $119,000 after buying an additional 524 shares during the last quarter. Signaturefd LLC grew its stake in shares of Fulgent Genetics by 60.4% during the second quarter. Signaturefd LLC now owns 1,914 shares of the company's stock valued at $38,000 after buying an additional 721 shares during the last quarter. Aigen Investment Management LP grew its stake in shares of Fulgent Genetics by 11.3% during the first quarter. Aigen Investment Management LP now owns 13,081 shares of the company's stock valued at $221,000 after buying an additional 1,328 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Fulgent Genetics by 2.1% during the first quarter. Hsbc Holdings PLC now owns 82,571 shares of the company's stock valued at $1,404,000 after buying an additional 1,695 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Fulgent Genetics by 122.8% during 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 last quarter. 48.06% of the stock is owned by institutional investors.

Fulgent Genetics Stock Performance

Shares of NASDAQ FLGT opened at $23.74 on Friday. The firm has a market capitalization of $726.68 million, a price-to-earnings ratio of -14.30 and a beta of 0.97. The stock has a 50 day moving average price of $22.37 and a 200 day moving average price of $20.51. Fulgent Genetics, Inc. has a 52-week low of $14.57 and a 52-week high of $24.64.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.23) by $0.30. The firm had revenue of $81.80 million during 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%.Fulgent Genetics's quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 earnings per share. Fulgent Genetics has set its FY 2025 guidance at -0.350--0.350 EPS. Analysts forecast that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FLGT has been the topic of a number of analyst reports. UBS Group raised Fulgent Genetics from a "neutral" rating to a "buy" rating and upped their target price for the company from $20.00 to $30.00 in a research note on Tuesday, August 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Fulgent Genetics in a research note on Wednesday, October 8th. Finally, Piper Sandler set a $21.00 target price on Fulgent Genetics and gave the company a "neutral" rating in a research note on Monday, August 4th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Fulgent Genetics currently has an average rating of "Hold" and an average target price of $25.33.

Insiders Place Their Bets

In other Fulgent Genetics news, COO Jian Xie sold 1,199 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $21.48, for a total transaction of $25,754.52. Following the completion of the sale, the chief operating officer owned 365,249 shares in the company, valued at $7,845,548.52. This represents a 0.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 5,577 shares of company stock worth $121,024 in the last ninety days. 31.76% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.