Fulgent Genetics (NASDAQ:FLGT) Shares Down 3.4% Following Analyst Downgrade

Key Points

• Fulgent Genetics shares fell by 3.4% after Piper Sandler downgraded their price target from $23.00 to $21.00, maintaining a neutral rating on the stock.
• Despite the downgrade, Raymond James Financial reissued an "outperform" rating with a higher price target of $25.00, reflecting mixed analyst sentiments on the stock.
• Fulgent Genetics reported earnings of $0.07 per share for the last quarter, surpassing estimates, and an increase in revenue by 15.2% year-over-year, although analysts forecast a negative EPS for the current fiscal year.

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) shares were down 3.4% during trading on Monday after Piper Sandler lowered their price target on the stock from $23.00 to $21.00. Piper Sandler currently has a neutral rating on the stock. Fulgent Genetics traded as low as $17.92 and last traded at $17.90. Approximately 59,010 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 359,387 shares. The stock had previously closed at $18.53.

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

Insider Buying and Selling

In other news, COO Jian Xie sold 1,873 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $20.54, for a total value of $38,471.42. Following the completion of the sale, the chief operating officer directly owned 372,631 shares in the company, valued at $7,653,840.74. This represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 33.11% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC grew its position in Fulgent Genetics by 8.0% in the first quarter. Headlands Technologies LLC now owns 7,041 shares of the company's stock worth $119,000 after acquiring an additional 524 shares during the period. Signaturefd LLC raised its stake in shares of Fulgent Genetics by 60.4% in the second quarter. Signaturefd LLC now owns 1,914 shares of the company's stock valued at $38,000 after acquiring an additional 721 shares in the last quarter. Aigen Investment Management LP raised its stake in shares of Fulgent Genetics by 11.3% in the first quarter. Aigen Investment Management LP now owns 13,081 shares of the company's stock valued at $221,000 after acquiring an additional 1,328 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Fulgent Genetics by 2.1% in the first quarter. Hsbc Holdings PLC now owns 82,571 shares of the company's stock valued at $1,404,000 after acquiring an additional 1,695 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Fulgent Genetics by 4.4% during the fourth quarter. Federated Hermes Inc. now owns 41,882 shares of the company's stock worth $774,000 after purchasing an additional 1,774 shares during the last quarter. 48.06% of the stock is currently owned by hedge funds and other institutional investors.

Fulgent Genetics Stock Down 1.4%

The firm has a fifty day simple moving average of $19.66 and a 200-day simple moving average of $18.36. The company has a market cap of $555.96 million, a PE ratio of -11.03 and a beta of 0.83.

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, topping 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 firm had revenue of $81.80 million for the quarter, compared to analyst estimates of $76.21 million. During the same quarter last year, the company posted $0.15 earnings per share. The business's revenue was up 15.2% on a year-over-year basis. Equities research analysts forecast that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current fiscal year.

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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