Fulgent Genetics (NASDAQ:FLGT) Sets New 1-Year High - Here's Why

Key Points

• Fulgent Genetics (NASDAQ:FLGT) reached a new 52-week high of $23.96, with shares seeing a significant increase in trading volume.
• Analysts have mixed views on the stock, with UBS Group upgrading Fulgent to a "buy" rating and raising its price target to $30.00, while Weiss Ratings maintains a "sell" rating.
• The company reported a 15.2% increase in quarterly revenue year-over-year, totaling $81.80 million, while also beating earnings expectations by $0.30.

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) shares hit a new 52-week high during trading on Monday . The stock traded as high as $23.58 and last traded at $23.96, with a volume of 62996 shares. The stock had previously closed at $22.68.

Analysts Set New Price Targets

Several brokerages recently commented on FLGT. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Fulgent Genetics in a report on Wednesday, October 8th. Piper Sandler set a $21.00 price objective on Fulgent Genetics and gave the stock a "neutral" rating in a report on Monday, August 4th. Finally, UBS Group raised Fulgent Genetics from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $20.00 to $30.00 in a report on Tuesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $25.33.

Fulgent Genetics Price Performance

The company has a market capitalization of $729.74 million, a PE ratio of -14.36 and a beta of 0.97. The company has a 50-day moving average of $22.13 and a two-hundred day moving average of $20.32.

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. The company had revenue of $81.80 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period 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. As a group, research analysts anticipate that Fulgent Genetics, Inc. will post -0.85 EPS for the current year.

Insider Buying and Selling at Fulgent Genetics

In other news, COO Jian Xie sold 1,199 shares of the company's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $21.48, for a total value of $25,754.52. Following the completion of the transaction, the chief operating officer owned 365,249 shares of the company's stock, valued at $7,845,548.52. This represents a 0.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 5,577 shares of company stock valued at $121,024 over the last three months. Corporate insiders own 33.11% of the company's stock.

Institutional Investors Weigh In On Fulgent Genetics

Hedge funds have recently made changes to their positions in the company. Signaturefd LLC lifted its position in shares of Fulgent Genetics by 60.4% in the second quarter. Signaturefd LLC now owns 1,914 shares of the company's stock worth $38,000 after buying an additional 721 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Fulgent Genetics in the second quarter worth about $49,000. PNC Financial Services Group Inc. lifted its position in shares of Fulgent Genetics by 122.8% in the first quarter. PNC Financial Services Group Inc. now owns 3,562 shares of the company's stock worth $60,000 after buying an additional 1,963 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Fulgent Genetics by 106.4% in the first quarter. GAMMA Investing LLC now owns 4,402 shares of the company's stock worth $74,000 after buying an additional 2,269 shares in the last quarter. Finally, State of Wyoming lifted its position in shares of Fulgent Genetics by 111.1% in the first quarter. State of Wyoming now owns 6,564 shares of the company's stock worth $111,000 after buying an additional 3,455 shares in the last quarter. 48.06% of the stock is currently owned by hedge funds and other institutional investors.

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.

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