Fulgent Genetics (NASDAQ:FLGT) Shares Up 9.3% - Here's Why

Key Points

• Fulgent Genetics shares increased by 9.3%, reaching a last trading price of $20.07, despite a decline in trading volume.
• Analysts have varying ratings for the stock, with UBS upgrading it to a "buy" and raising the target price to $30, while Piper Sandler set a target of $21 with a "neutral" rating.
• The company reported earnings of $0.07 per share, surpassing analysts' expectations, and revenue increased by 15.2% year-over-year, totaling $81.80 million for the last quarter.

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report)'s stock price shot up 9.3% on Tuesday . The company traded as high as $20.13 and last traded at $20.07. 221,945 shares were traded during trading, a decline of 39% from the average session volume of 361,752 shares. The stock had previously closed at $18.36.

Analyst Ratings Changes

A number of brokerages recently weighed in on FLGT. 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. 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. Finally, 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.

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 $636.35 million, a price-to-earnings ratio of -12.62 and a beta of 0.83.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last posted its earnings results on Friday, August 1st. 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 for 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%. Fulgent Genetics's revenue was up 15.2% compared to the same quarter last year. During the same period last year, the business posted $0.15 EPS. Equities research analysts forecast that Fulgent Genetics, Inc. will post -0.85 EPS for the current fiscal year.

Insider Transactions at Fulgent Genetics

In other Fulgent Genetics news, COO Jian Xie sold 1,873 shares of the firm's stock in a transaction 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 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 document filed with the SEC, which is available at the SEC website. 33.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fulgent Genetics

Institutional investors have recently modified their holdings of the business. Headlands Technologies LLC grew its holdings in Fulgent Genetics by 8.0% during the first quarter. Headlands Technologies LLC now owns 7,041 shares of the company's stock valued at $119,000 after purchasing an additional 524 shares during the period. Signaturefd LLC lifted its stake in Fulgent Genetics by 60.4% in the second quarter. Signaturefd LLC now owns 1,914 shares of the company's stock valued at $38,000 after buying an additional 721 shares in the last quarter. Aigen Investment Management LP lifted its stake in Fulgent Genetics by 11.3% in the first 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 in the last quarter. Hsbc Holdings PLC lifted its stake in Fulgent Genetics by 2.1% in the first 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 in the last quarter. Finally, Federated Hermes Inc. lifted its stake in Fulgent Genetics by 4.4% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 48.06% of the company's stock.

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.

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