Fulgent Genetics (NASDAQ:FLGT) Shares Gap Up Following Strong Earnings

Key Points

• Fulgent Genetics' stock price increased significantly, opening at $19.25 after closing at $17.18 following better-than-expected earnings results.
• The company reported earnings of $0.07 per share, surpassing the consensus estimate of ($0.23), with revenues of $81.80 million exceeding expectations of $76.21 million.
• Hedge funds have shown increased interest, with significant stake changes, including Signaturefd LLC raising their stake by 60.4% and Russell Investments Group Ltd. increasing theirs by 267.4%.

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. 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.

The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.23) by $0.30. The business had revenue of $81.80 million during the quarter, compared to analyst estimates of $76.21 million. Fulgent Genetics had a negative net margin of 16.83% and a negative return on equity of 2.26%. The company's revenue was up 15.2% on a year-over-year basis. During the same period last year, the firm posted $0.15 EPS.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Piper Sandler reaffirmed a "neutral" rating and issued a $23.00 price target (up previously from $16.00) on shares of Fulgent Genetics in a research note on Tuesday, May 6th. Raymond James Financial reaffirmed an "outperform" rating and set a $25.00 target price (up from $24.00) on shares of Fulgent Genetics in a research report on Monday, May 5th.

Insider Activity at Fulgent Genetics

In other news, COO Jian Xie sold 1,873 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $20.54, for a total transaction of $38,471.42. Following the sale, the chief operating officer directly owned 372,631 shares in the company, valued at $7,653,840.74. This trade represents a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 33.11% of the stock is owned by insiders.

Institutional Trading of Fulgent Genetics

Hedge funds have recently bought and sold shares of the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Fulgent Genetics during the 2nd quarter worth $662,000. Allianz Asset Management GmbH purchased a new position in Fulgent Genetics during the second quarter worth about $823,000. Signaturefd LLC boosted its holdings 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 purchasing an additional 721 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Fulgent Genetics by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 202,820 shares of the company's stock valued at $3,428,000 after buying an additional 45,279 shares during the period. Finally, Acadian Asset Management LLC grew its position in Fulgent Genetics by 124.0% in the first quarter. Acadian Asset Management LLC now owns 805,941 shares of the company's stock worth $13,611,000 after acquiring an additional 446,076 shares during the period. Institutional investors and hedge funds own 48.06% of the company's stock.

Fulgent Genetics Stock Performance

The firm has a 50 day simple moving average of $19.66 and a 200-day simple moving average of $18.35.

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.