Fulgent Genetics (NASDAQ:FLGT) PT Set at $21.00 by Piper Sandler

Key Points

• Piper Sandler has lowered its price target for Fulgent Genetics from $23.00 to $21.00, maintaining a "neutral" rating, suggesting a potential upside of 15.14% based on the current stock price.
• Raymond James Financial reiterated an "outperform" rating for the stock with a price target increase to $25.00.
• Fulgent Genetics reported earnings of $0.07 per share, significantly exceeding analysts' expectations, and experienced a 15.2% revenue increase compared to the previous year.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) has been assigned a $21.00 price target by stock analysts at Piper Sandler in a report released on Monday, MarketBeat.com reports. The brokerage currently has a "neutral" rating on the stock. Piper Sandler's price objective would suggest a potential upside of 4.63% from the company's previous close.

Separately, Raymond James Financial reissued an "outperform" rating and issued a $25.00 target price (up previously from $24.00) on shares of Fulgent Genetics in a report on Monday, May 5th.

Fulgent Genetics Stock Performance

FLGT stock traded down $0.60 during mid-day trading on Monday, hitting $20.07. 103,427 shares of the company were exchanged, compared to its average volume of 364,943. The firm has a market cap of $614.34 million, a P/E ratio of -12.11 and a beta of 0.83. The firm's 50 day simple moving average is $19.63 and its 200 day simple moving average is $18.38. Fulgent Genetics has a 1-year low of $14.57 and a 1-year high of $24.61.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last released its earnings results 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. Fulgent Genetics had a negative net margin of 16.83% and a negative return on equity of 2.26%. The business had revenue of $81.80 million during the quarter, compared to analysts' expectations of $76.21 million. During the same period last year, the business earned $0.15 earnings per share. The firm's revenue was up 15.2% on a year-over-year basis. On average, equities research analysts predict that Fulgent Genetics will post -0.85 EPS for the current fiscal year.

Insider Activity

In other Fulgent Genetics news, COO Jian Xie sold 1,873 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $20.54, for a total transaction of $38,471.42. Following the completion of the sale, the chief operating officer owned 372,631 shares of the company's stock, valued at approximately $7,653,840.74. This represents a 0.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 31.76% of the stock is owned by corporate insiders.

Institutional Trading of Fulgent Genetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC grew its position in shares of Fulgent Genetics by 38.7% during the 2nd quarter. Acadian Asset Management LLC now owns 1,117,917 shares of the company's stock worth $22,208,000 after buying an additional 311,976 shares during the period. Campbell & CO Investment Adviser LLC lifted its stake in Fulgent Genetics by 51.7% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 27,061 shares of the company's stock valued at $538,000 after acquiring an additional 9,217 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Fulgent Genetics by 22.2% during the 2nd 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. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Fulgent Genetics during the 2nd quarter valued at $662,000. Finally, Allianz Asset Management GmbH purchased a new stake in shares of Fulgent Genetics during the 2nd quarter valued at $823,000. 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.