Shares of GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report) dropped 5.1% during mid-day trading on Thursday . The stock traded as low as $87.00 and last traded at $87.17. Approximately 463,343 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 1,096,614 shares. The stock had previously closed at $91.88.
Wall Street Analysts Forecast Growth
WGS has been the topic of several analyst reports. Wells Fargo & Company lowered their price objective on GeneDx from $105.00 to $78.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. TD Securities lowered their price objective on GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Jefferies Financial Group raised GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research report on Friday, May 9th. Piper Sandler initiated coverage on GeneDx in a research report on Wednesday. They issued an "overweight" rating and a $110.00 price objective on the stock. Finally, Wall Street Zen cut GeneDx from a "buy" rating to a "hold" rating in a research report on Sunday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.33.
Check Out Our Latest Research Report on WGS
GeneDx Price Performance
The firm has a fifty day moving average price of $73.49 and a two-hundred day moving average price of $82.72. The stock has a market capitalization of $2.36 billion, a P/E ratio of -58.55 and a beta of 2.01. The company has a debt-to-equity ratio of 0.20, a quick ratio of 3.07 and a current ratio of 3.25.
GeneDx (NASDAQ:WGS - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.17. The firm had revenue of $87.12 million for the quarter, compared to analysts' expectations of $79.90 million. GeneDx had a positive return on equity of 10.17% and a negative net margin of 11.69%. As a group, analysts expect that GeneDx Holdings Corp. will post 0.97 EPS for the current fiscal year.
Insider Activity
In other news, CFO Kevin Feeley sold 5,278 shares of the company's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $93.00, for a total value of $490,854.00. Following the completion of the sale, the chief financial officer directly owned 3,392 shares in the company, valued at $315,456. This represents a 60.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Katherine Stueland sold 9,657 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $90.94, for a total value of $878,207.58. Following the completion of the sale, the chief executive officer owned 4,940 shares of the company's stock, valued at $449,243.60. This trade represents a 66.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,411 shares of company stock valued at $2,104,828 in the last ninety days. 29.60% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On GeneDx
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. increased its stake in shares of GeneDx by 150.9% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 39,979 shares of the company's stock worth $3,690,000 after purchasing an additional 24,042 shares in the last quarter. MRA Advisory Group purchased a new stake in shares of GeneDx in the 2nd quarter worth $298,000. Voya Investment Management LLC increased its stake in shares of GeneDx by 79.5% in the 1st quarter. Voya Investment Management LLC now owns 6,819 shares of the company's stock worth $604,000 after purchasing an additional 3,021 shares in the last quarter. Strs Ohio purchased a new stake in shares of GeneDx in the 1st quarter worth $230,000. Finally, Ellsworth Advisors LLC purchased a new stake in shares of GeneDx in the 1st quarter worth $1,414,000. 61.72% of the stock is currently owned by hedge funds and other institutional investors.
About GeneDx
(
Get Free Report)
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.
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