Fulgent Genetics (NASDAQ:FLGT) Sets New 12-Month High - Here's Why

Key Points

• Fulgent Genetics shares reached a new 52-week high of $22.90, with a closing price of $22.81 and a trading volume of 19,057 shares.
• The company reported a quarterly earnings per share (EPS) of $0.07, significantly beating estimates of ($0.23), demonstrating a year-over-year revenue increase of 15.2%.
• UBS upgraded Fulgent Genetics from "neutral" to "buy," raising the price target from $20.00 to $30.00, reflecting positive analyst sentiment around the stock.

Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $22.90 and last traded at $22.81, with a volume of 19057 shares traded. The stock had previously closed at $22.59.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FLGT. UBS Group upgraded Fulgent Genetics from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $20.00 to $30.00 in a research report on Tuesday, August 5th. Piper Sandler set a $21.00 price objective on Fulgent Genetics and gave the stock a "neutral" rating in a research report on Monday, August 4th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Fulgent Genetics presently has an average rating of "Moderate Buy" and a consensus target price of $25.33.

Fulgent Genetics Stock Performance

The stock has a market capitalization of $686.74 million, a price-to-earnings ratio of -13.51 and a beta of 0.81. The company has a fifty day simple moving average of $20.94 and a 200 day simple moving average of $19.73.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last announced its quarterly earnings data 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 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%.The firm's 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 EPS. Fulgent Genetics has set its FY 2025 guidance at -0.350--0.350 EPS. As a group, equities analysts predict that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Jian Xie sold 1,199 shares of the business'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 transaction, the chief operating officer directly owned 365,249 shares of the company's stock, valued at $7,845,548.52. The trade was a 0.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 5,577 shares of company stock valued at $121,024. 33.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FLGT. Headlands Technologies LLC raised its position in Fulgent Genetics by 8.0% in the 1st quarter. Headlands Technologies LLC now owns 7,041 shares of the company's stock worth $119,000 after purchasing an additional 524 shares during the period. Signaturefd LLC increased its position in shares of Fulgent Genetics by 60.4% during the second quarter. Signaturefd LLC now owns 1,914 shares of the company's stock worth $38,000 after acquiring an additional 721 shares during the period. Rhumbline Advisers increased its position in shares of Fulgent Genetics by 2.4% during the second quarter. Rhumbline Advisers now owns 33,139 shares of the company's stock worth $659,000 after acquiring an additional 785 shares during the period. Aigen Investment Management LP increased its position 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 worth $221,000 after acquiring an additional 1,328 shares during the period. Finally, Hsbc Holdings PLC increased its position 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 worth $1,404,000 after acquiring an additional 1,695 shares during the period. 48.06% of the stock is owned by institutional investors and hedge funds.

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.

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.