Fulgent Genetics (NASDAQ:FLGT) Stock Price Down 3.4% After 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.

Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) dropped 3.4% during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $22.00 to $16.00. 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 were traded 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, Wall Street Zen cut Fulgent Genetics from a "hold" rating to a "sell" rating in a research report on Wednesday, November 27th.

Insiders Place Their Bets

In other news, COO Jian Xie sold 1,873 shares of the stock in a transaction dated 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 owned 372,631 shares in the company, valued at approximately $7,653,840.74. This trade represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 31.76% of the company's stock.

Institutional Trading of Fulgent Genetics

A number of hedge funds have recently made changes to their positions in FLGT. Inlight Wealth Management LLC purchased a new stake in Fulgent Genetics during the 4th quarter worth $685,000. Northern Trust Corp increased its position in shares of Fulgent Genetics by 5.8% during the fourth quarter. Northern Trust Corp now owns 225,362 shares of the company's stock worth $4,162,000 after acquiring an additional 12,291 shares during the last quarter. Peapod Lane Capital LLC lifted its stake in shares of Fulgent Genetics by 48.2% in the first quarter. Peapod Lane Capital LLC now owns 162,227 shares of the company's stock worth $2,742,000 after acquiring an additional 52,768 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Fulgent Genetics in the first quarter valued at about $1,050,000. Finally, Squarepoint Ops LLC grew its stake in Fulgent Genetics by 178.3% during the 4th quarter. Squarepoint Ops LLC now owns 41,608 shares of the company's stock valued at $768,000 after purchasing an additional 26,659 shares in the last quarter. Hedge funds and other institutional investors own 48.06% of the company's stock.

Fulgent Genetics Trading Down 0.3%

The company has a market capitalization of $622.61 million, a price-to-earnings ratio of -12.25 and a beta of 0.83. The stock has a 50-day simple moving average of $19.63 and a 200-day simple moving average of $18.42.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $76.21 million. During the same period in the prior year, the company posted $0.15 EPS. The business's revenue was up 15.2% compared to the same quarter last year. On average, research analysts forecast that Fulgent Genetics, Inc. will post -0.85 EPS for the current year.

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.