Fulgent Genetics (NASDAQ:FLGT) Hits New 12-Month High - Still a Buy?

Key Points

• Fulgent Genetics shares reached a 52-week high of $23.96 during trading, indicating positive momentum in the market.
• UBS Group upgraded the stock from a "neutral" to a "buy" rating and raised the target price from $20.00 to $30.00, reflecting growing analyst confidence.
• The company beat earnings estimates with reported earnings of $0.07 per share, surpassing the consensus estimate of ($0.23), and experienced a 15.2% year-over-year revenue increase.

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $23.96 and last traded at $22.31, with a volume of 970 shares changing hands. The stock had previously closed at $22.26.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. UBS Group upgraded shares of Fulgent Genetics from a "neutral" rating to a "buy" rating and increased their target price for the company from $20.00 to $30.00 in a research report on Tuesday, August 5th. Piper Sandler set a $21.00 target price on shares of Fulgent Genetics and gave the company a "neutral" rating in a research report on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $25.33.

Fulgent Genetics Stock Up 0.5%

The stock has a market cap of $685.05 million, a P/E ratio of -13.48 and a beta of 0.81. The firm's 50-day moving average is $20.60 and its two-hundred day moving average is $19.59.

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

Insiders Place Their Bets

In related news, COO Jian Xie sold 1,199 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $21.48, for a total transaction of $25,754.52. Following the transaction, the chief operating officer owned 365,249 shares of the company's stock, valued at approximately $7,845,548.52. This trade represents a 0.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 5,577 shares of company stock worth $121,024 over the last 90 days. 33.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fulgent Genetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its holdings in Fulgent Genetics by 28.6% during the first quarter. Millennium Management LLC now owns 1,969,433 shares of the company's stock valued at $33,283,000 after purchasing an additional 437,632 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Fulgent Genetics by 38.7% during the second quarter. Acadian Asset Management LLC now owns 1,117,917 shares of the company's stock valued at $22,208,000 after purchasing an additional 311,976 shares during the last quarter. Geode Capital Management LLC grew its holdings in Fulgent Genetics by 1.6% during the second quarter. Geode Capital Management LLC now owns 513,343 shares of the company's stock valued at $10,207,000 after purchasing an additional 8,105 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Fulgent Genetics by 22.2% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 305,180 shares of the company's stock valued at $6,067,000 after purchasing an additional 55,521 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in Fulgent Genetics by 105.3% during the first quarter. Deutsche Bank AG now owns 269,770 shares of the company's stock valued at $4,559,000 after purchasing an additional 138,340 shares during the last quarter. Institutional investors and hedge funds own 48.06% of the company's stock.

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.

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