Fulgent Genetics (NASDAQ:FLGT) Upgraded to "Buy" at UBS Group

Key Points

• Fulgent Genetics has been upgraded from a "neutral" to a "buy" rating by UBS Group, with a target price of $30.00, reflecting a potential upside of 63.40% from current levels.
• The company recently reported earnings per share of $0.07, exceeding analysts' estimates and demonstrating a year-over-year revenue increase of 15.2%.
• Insiders, including COO Jian Xie, continue to sell shares, indicating possible shifts in sentiment, despite a notable percentage of stock ownership (33.11%) by company insiders.

UBS Group upgraded shares of Fulgent Genetics (NASDAQ:FLGT - Free Report) from a neutral rating to a buy rating in a report published on Tuesday morning, Marketbeat reports. The brokerage currently has $30.00 target price on the stock, up from their prior target price of $20.00.

FLGT has been the topic of several other reports. Raymond James Financial reiterated an "outperform" rating and set a $25.00 target price (up from $24.00) on shares of Fulgent Genetics in a research report on Monday, May 5th. Piper Sandler set a $21.00 price objective on Fulgent Genetics and gave the company a "neutral" rating in a research report on Monday, August 4th.

Fulgent Genetics Stock Performance

Shares of FLGT stock traded down $0.05 on Tuesday, reaching $20.36. The stock had a trading volume of 224,313 shares, compared to its average volume of 379,759. Fulgent Genetics has a 1 year low of $14.57 and a 1 year high of $24.61. The stock has a market cap of $623.22 million, a P/E ratio of -12.26 and a beta of 0.83. The company has a 50 day simple moving average of $19.62 and a 200 day simple moving average of $18.44.

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

Insider Transactions at Fulgent Genetics

In other Fulgent Genetics news, COO Jian Xie sold 1,873 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $20.54, for a total transaction of $38,471.42. Following the sale, the chief operating officer directly owned 372,631 shares of the company's stock, valued at $7,653,840.74. This trade represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 31.76% of the company's stock.

Institutional Trading of Fulgent Genetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its position in shares of Fulgent Genetics by 28.6% during the 1st quarter. Millennium Management LLC now owns 1,969,433 shares of the company's stock valued at $33,283,000 after acquiring an additional 437,632 shares during the last quarter. Acadian Asset Management LLC raised its stake 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 in the last quarter. Geode Capital Management LLC lifted its position in Fulgent Genetics by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 514,152 shares of the company's stock valued at $9,499,000 after purchasing an additional 11,283 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Fulgent Genetics by 40.8% in the 4th quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company's stock worth $9,268,000 after buying an additional 145,518 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Fulgent Genetics by 39.4% in the 4th quarter. JPMorgan Chase & Co. now owns 471,259 shares of the company's stock worth $8,704,000 after buying an additional 133,215 shares during the last quarter. Institutional investors 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.