Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) shares gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $17.18, but opened at $19.25. Fulgent Genetics shares last traded at $19.25, with a volume of 435,552 shares changing hands.
The company reported $0.07 earnings per share for the quarter, topping analysts' consensus estimates of ($0.23) by $0.30. The firm had revenue of $81.80 million during the quarter, compared to analysts' expectations of $76.21 million. Fulgent Genetics had a negative net margin of 16.83% and a negative return on equity of 2.26%. The firm's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period last year, the firm posted $0.15 earnings per share.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the stock. UBS Group upgraded shares of Fulgent Genetics from a "neutral" rating to a "buy" rating and raised their target price for the stock from $20.00 to $30.00 in a report on Tuesday. Raymond James Financial restated an "outperform" rating and issued a $25.00 price target (up previously from $24.00) on shares of Fulgent Genetics in a research report on Monday, May 5th. Finally, Piper Sandler reduced their price target on shares of Fulgent Genetics from $23.00 to $21.00 and set a "neutral" rating for the company in a research report on Monday.
View Our Latest Research Report on Fulgent Genetics
Insider Transactions at Fulgent Genetics
In other Fulgent Genetics news, COO Jian Xie sold 1,873 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were 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 $7,653,840.74. This represents a 0.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 33.11% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Fulgent Genetics
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FLGT. Headlands Technologies LLC raised its holdings in shares of Fulgent Genetics by 8.0% during the 1st quarter. Headlands Technologies LLC now owns 7,041 shares of the company's stock valued at $119,000 after purchasing an additional 524 shares in the last quarter. Signaturefd LLC grew its stake in Fulgent Genetics by 60.4% in the 2nd quarter. Signaturefd LLC now owns 1,914 shares of the company's stock valued at $38,000 after buying an additional 721 shares during the last quarter. Aigen Investment Management LP grew its stake in Fulgent Genetics by 11.3% in the 1st quarter. Aigen Investment Management LP now owns 13,081 shares of the company's stock valued at $221,000 after buying an additional 1,328 shares during the last quarter. Hsbc Holdings PLC grew its stake in Fulgent Genetics by 2.1% in the 1st quarter. Hsbc Holdings PLC now owns 82,571 shares of the company's stock valued at $1,404,000 after buying an additional 1,695 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in Fulgent Genetics by 4.4% in the 4th quarter. Federated Hermes Inc. now owns 41,882 shares of the company's stock valued at $774,000 after buying an additional 1,774 shares during the last quarter. Hedge funds and other institutional investors own 48.06% of the company's stock.
Fulgent Genetics Stock Performance
The business's 50 day moving average is $19.62 and its 200-day moving average is $18.37. The firm has a market capitalization of $633.69 million, a price-to-earnings ratio of -12.54 and a beta of 0.83.
About Fulgent Genetics
(
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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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