Fulgent Genetics (NASDAQ:FLGT) Shares Gap Up After Better-Than-Expected Earnings

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report)'s share price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.25, but opened at $18.20. Fulgent Genetics shares last traded at $19.81, with a volume of 251,939 shares changing hands.

The company reported $0.04 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 analyst estimates of $71.26 million. Fulgent Genetics had a negative net margin of 59.39% and a negative return on equity of 1.81%. The business's revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.01) earnings per share.

Analysts Set New Price Targets

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

Insider Buying and Selling at Fulgent Genetics

In other news, CFO Paul Kim acquired 100,000 shares of Fulgent Genetics stock in a transaction that occurred on Wednesday, March 5th. The stock was purchased 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 directly owns 348,282 shares in the company, valued at approximately $5,558,580.72. This trade represents a 40.28 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 33.11% of the stock is currently owned by company insiders.

Institutional Trading of Fulgent Genetics

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in Fulgent Genetics by 45.5% in the fourth quarter. GAMMA Investing LLC now owns 2,133 shares of the company's stock valued at $39,000 after acquiring an additional 667 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Fulgent Genetics by 267.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,693 shares of the company's stock valued at $50,000 after purchasing an additional 1,960 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Fulgent Genetics during the fourth quarter worth about $57,000. State of Wyoming acquired a new position in Fulgent Genetics during the fourth quarter worth about $57,000. Finally, R Squared Ltd purchased a new position in Fulgent Genetics in the fourth quarter valued at about $74,000. 48.06% of the stock is owned by institutional investors and hedge funds.

Fulgent Genetics Stock Performance

The company has a market capitalization of $578.74 million, a price-to-earnings ratio of -3.40 and a beta of 1.00. The stock's 50-day moving average price is $17.66 and its 200-day moving average price is $18.07.

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.