Fulgent Genetics (NASDAQ:FLGT) Shares Gap Down - Should You Sell?

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report)'s share price gapped down prior to trading 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 changing hands.

Analyst Ratings Changes

A number of analysts have commented on FLGT shares. StockNews.com upgraded Fulgent Genetics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Piper Sandler dropped their price objective on shares of Fulgent Genetics from $22.00 to $16.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Finally, Raymond James reaffirmed an "outperform" rating and issued a $25.00 target price (up previously from $24.00) on shares of Fulgent Genetics in a research note on Monday.

Fulgent Genetics Price Performance

The firm has a market cap of $619.33 million, a price-to-earnings ratio of -3.63 and a beta of 1.36. The business's 50-day moving average price is $17.46 and its two-hundred day moving average price is $18.07.

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

Insider Transactions at Fulgent Genetics

In other news, CFO Paul Kim purchased 100,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average price of $15.96 per share, for a total transaction of $1,596,000.00. Following the completion of the transaction, the chief financial officer now owns 348,282 shares of the company's stock, valued at approximately $5,558,580.72. The trade was a 40.28 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 31.76% of the company's stock.

Institutional Investors Weigh In On Fulgent Genetics

Several large investors have recently made changes to their positions in the company. Millennium Management LLC increased its position in Fulgent Genetics by 20.6% in the 4th quarter. Millennium Management LLC now owns 1,531,801 shares of the company's stock valued at $28,292,000 after acquiring an additional 261,152 shares during the period. Geode Capital Management LLC raised its stake in shares of Fulgent Genetics by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 514,152 shares of the company's stock valued at $9,499,000 after purchasing an additional 11,283 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Fulgent Genetics by 40.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company's stock worth $9,268,000 after purchasing an additional 145,518 shares during the period. JPMorgan Chase & Co. increased its stake in Fulgent Genetics by 39.4% during the 4th quarter. JPMorgan Chase & Co. now owns 471,259 shares of the company's stock valued at $8,704,000 after buying an additional 133,215 shares during the period. Finally, Invenomic Capital Management LP raised its position in shares of Fulgent Genetics by 3.7% during the 4th quarter. Invenomic Capital Management LP now owns 259,010 shares of the company's stock worth $4,784,000 after buying an additional 9,263 shares in the last quarter. Institutional investors and hedge funds own 48.06% of the company's stock.

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.

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.