Fulgent Genetics (NASDAQ:FLGT) Trading Up 9.3% - Should You Buy?

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) shares shot up 9.3% during mid-day trading on Tuesday . The stock traded as high as $20.13 and last traded at $20.07. 221,945 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 361,752 shares. The stock had previously closed at $18.36.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FLGT. Piper Sandler set a $21.00 price objective on shares of Fulgent Genetics and gave the stock a "neutral" rating in a research note on Monday, August 4th. UBS Group upgraded shares of Fulgent Genetics from a "neutral" rating to a "buy" rating and upped their price target for the company from $20.00 to $30.00 in a research report on Tuesday. 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 Price Performance

The stock's 50 day moving average price is $19.62 and its two-hundred day moving average price is $18.45. The firm has a market capitalization of $623.22 million, a price-to-earnings ratio of -12.26 and a beta of 0.83.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The company reported $0.07 earnings per share for the quarter, topping analysts' consensus estimates of ($0.23) by $0.30. Fulgent Genetics had a negative net margin of 16.83% and a negative return on equity of 2.26%. The business had revenue of $81.80 million during the quarter, compared to analysts' expectations of $76.21 million. During the same period in the previous year, the company earned $0.15 earnings per share. Fulgent Genetics's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities research analysts anticipate that Fulgent Genetics, Inc. will post -0.85 EPS for the current fiscal year.

Insider Buying and Selling at Fulgent Genetics

In other news, COO Jian Xie sold 1,873 shares of the business'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 completion of the sale, the chief operating officer directly owned 372,631 shares in the company, valued at approximately $7,653,840.74. The trade was a 0.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 31.76% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Signaturefd LLC lifted its holdings in shares of Fulgent Genetics by 60.4% during the 2nd quarter. Signaturefd LLC now owns 1,914 shares of the company's stock worth $38,000 after acquiring an additional 721 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Fulgent Genetics by 267.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,693 shares of the company's stock worth $50,000 after acquiring an additional 1,960 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of Fulgent Genetics during the 4th quarter worth about $57,000. State of Wyoming bought a new position in shares of Fulgent Genetics during the 4th quarter worth about $57,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Fulgent Genetics by 122.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,562 shares of the company's stock worth $60,000 after acquiring an additional 1,963 shares during the period. 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.