Summit Partners Public Asset Management LLC Increases Stock Holdings in GeneDx Holdings Corp. (NASDAQ:WGS)

Summit Partners Public Asset Management LLC increased its stake in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) by 336.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 755,564 shares of the company's stock after acquiring an additional 582,619 shares during the period. GeneDx makes up approximately 1.1% of Summit Partners Public Asset Management LLC's investment portfolio, making the stock its 12th biggest position. Summit Partners Public Asset Management LLC owned 2.75% of GeneDx worth $58,073,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. William Blair Investment Management LLC bought a new position in GeneDx in the 4th quarter worth about $51,496,000. Lord Abbett & CO. LLC bought a new position in GeneDx in the fourth quarter worth approximately $48,458,000. Science & Technology Partners L.P. purchased a new position in GeneDx during the 4th quarter worth $30,821,000. Zweig DiMenna Associates LLC bought a new stake in GeneDx during the 4th quarter valued at $23,788,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of GeneDx in the 4th quarter worth $20,371,000. Institutional investors own 61.72% of the company's stock.

Insider Buying and Selling

In other news, CEO Katherine Stueland sold 2,731 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $94.73, for a total value of $258,707.63. Following the completion of the sale, the chief executive officer now directly owns 7,752 shares in the company, valued at $734,346.96. This represents a 26.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin Feeley sold 402 shares of the company's stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $90.05, for a total transaction of $36,200.10. Following the completion of the sale, the chief financial officer now directly owns 5,044 shares of the company's stock, valued at $454,212.20. This represents a 7.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 139,390 shares of company stock worth $13,043,288. 29.60% of the stock is owned by company insiders.

GeneDx Stock Up 1.8%

WGS traded up $1.22 during trading on Thursday, hitting $69.00. The stock had a trading volume of 250,908 shares, compared to its average volume of 760,863. The stock has a 50 day simple moving average of $85.72 and a two-hundred day simple moving average of $82.39. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.27 and a current ratio of 2.40. GeneDx Holdings Corp. has a twelve month low of $19.16 and a twelve month high of $117.75. The company has a market capitalization of $1.97 billion, a PE ratio of -35.07 and a beta of 1.96.

GeneDx (NASDAQ:WGS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.17. GeneDx had a positive return on equity of 3.33% and a negative net margin of 17.12%. The firm had revenue of $87.12 million during the quarter, compared to analysts' expectations of $79.90 million. On average, research analysts predict that GeneDx Holdings Corp. will post 0.97 earnings per share for the current year.

Analyst Ratings Changes

WGS has been the topic of several research reports. Guggenheim started coverage on GeneDx in a research note on Thursday, May 15th. They set a "buy" rating and a $88.00 price target on the stock. The Goldman Sachs Group boosted their price target on shares of GeneDx from $70.00 to $80.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Wells Fargo & Company dropped their price objective on shares of GeneDx from $105.00 to $78.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Jefferies Financial Group raised shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a report on Friday, May 9th. Finally, TD Securities lowered their target price on GeneDx from $135.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $86.75.

GeneDx Profile

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.