GeneDx (NASDAQ:WGS) Trading 7.5% Higher - Here's What Happened

Shares of GeneDx Holdings Corp. (NASDAQ:WGS - Get Free Report) were up 7.5% during trading on Tuesday . The stock traded as high as $90.82 and last traded at $85.71. Approximately 698,305 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 799,035 shares. The stock had previously closed at $79.71.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group raised shares of GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price objective for the company in a research report on Friday, May 9th. TD Securities lowered their price target on GeneDx from $135.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Wells Fargo & Company dropped their price objective on GeneDx from $105.00 to $78.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Guggenheim began coverage on GeneDx in a research note on Thursday, May 15th. They set a "buy" rating and a $88.00 target price on the stock. Finally, Wall Street Zen cut GeneDx from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $86.75.

GeneDx Stock Performance

The stock has a market capitalization of $2.60 billion, a PE ratio of -64.61 and a beta of 1.94. The company has a quick ratio of 3.07, a current ratio of 3.25 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average of $74.61 and a 200-day moving average of $81.70.

GeneDx (NASDAQ:WGS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.17. GeneDx had a positive return on equity of 10.17% and a negative net margin of 11.69%. The business had revenue of $87.12 million during the quarter, compared to analysts' expectations of $79.90 million. Equities analysts anticipate that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

Insider Buying and Selling at GeneDx

In other GeneDx news, Director Keith A. Meister purchased 100,000 shares of the stock in a transaction that occurred on Thursday, May 8th. The stock was purchased at an average cost of $56.01 per share, with a total value of $5,601,000.00. Following the completion of the acquisition, the director now directly owns 3,008,629 shares of the company's stock, valued at $168,513,310.29. This trade represents a 3.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin Feeley sold 370 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $71.26, for a total transaction of $26,366.20. Following the completion of the transaction, the chief financial officer now owns 4,105 shares in the company, valued at $292,522.30. This represents a 8.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,022 shares of company stock valued at $5,919,860. Insiders own 29.60% of the company's stock.

Institutional Trading of GeneDx

Several institutional investors have recently modified their holdings of WGS. Ameriprise Financial Inc. purchased a new position in shares of GeneDx in the 4th quarter valued at $2,645,000. Envestnet Asset Management Inc. acquired a new position in GeneDx in the fourth quarter valued at $380,000. Prudential Financial Inc. purchased a new position in shares of GeneDx during the fourth quarter worth about $7,938,000. Voya Investment Management LLC acquired a new stake in shares of GeneDx during the fourth quarter worth about $292,000. Finally, GAMMA Investing LLC lifted its holdings in shares of GeneDx by 22,194.3% in the 1st quarter. GAMMA Investing LLC now owns 38,792 shares of the company's stock valued at $3,436,000 after purchasing an additional 38,618 shares during the last quarter. Hedge funds and other institutional investors own 61.72% of the company's stock.

GeneDx Company 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.