Fulgent Genetics (NASDAQ:FLGT) Shares Gap Down - What's Next?

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $20.54, but opened at $19.86. Fulgent Genetics shares last traded at $20.16, with a volume of 113,330 shares traded.

Wall Street Analyst Weigh In

Several analysts have issued reports on FLGT shares. StockNews.com upgraded Fulgent Genetics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Raymond James restated an "outperform" rating and issued a $25.00 price target (up previously from $24.00) on shares of Fulgent Genetics in a research note on Monday, May 5th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $23.00 price objective (up from $16.00) on shares of Fulgent Genetics in a research report on Tuesday.

Fulgent Genetics Stock Up 5.3 %

The business has a fifty day moving average price of $17.80 and a 200-day moving average price of $18.07. The company has a market cap of $603.43 million, a P/E ratio of -3.54 and a beta of 1.00.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.22. The business had revenue of $73.46 million during the quarter, compared to the consensus estimate of $71.26 million. Fulgent Genetics had a negative return on equity of 1.81% and a negative net margin of 59.39%. The firm's quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.01) EPS. As a group, research analysts expect that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Paul Kim purchased 100,000 shares of Fulgent Genetics stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $15.96 per share, with a total value of $1,596,000.00. Following the completion of the transaction, the chief financial officer now directly owns 348,282 shares of the company's stock, valued at $5,558,580.72. This represents a 40.28 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 33.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Fulgent Genetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLGT. Millennium Management LLC raised its stake in Fulgent Genetics by 20.6% in the fourth quarter. Millennium Management LLC now owns 1,531,801 shares of the company's stock valued at $28,292,000 after purchasing an additional 261,152 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Fulgent Genetics by 113.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,044 shares of the company's stock valued at $7,346,000 after buying an additional 179,477 shares during the period. Ameriprise Financial Inc. raised its position 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 valued at $9,268,000 after buying an additional 145,518 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Fulgent Genetics by 105.3% during the 1st quarter. Deutsche Bank AG now owns 269,770 shares of the company's stock worth $4,559,000 after acquiring an additional 138,340 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Fulgent Genetics by 803.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 125,957 shares of the company's stock worth $2,326,000 after acquiring an additional 112,011 shares in the last quarter. 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.