Insider Selling: 10x Genomics (NASDAQ:TXG) Insider Sells 13,818 Shares of Stock

Key Points

• 10x Genomics insider Benjamin Hindson sold 13,818 shares at an average price of $63.02, worth approximately $870,810. The sale covered tax-withholding obligations tied to vested equity awards and reduced his stake by 2.75%.
• TXG shares traded around $64.26, near the company’s 52-week high, giving 10x Genomics a market capitalization of approximately $8.37 billion. Despite beating quarterly revenue and EPS estimates, revenue declined 12.7% year over year and the company remained unprofitable.
• Institutional ownership is high at 84.68%, with several major hedge funds increasing their positions. Analysts maintain a consensus “Hold” rating, with an average price target of $38.31—well below the recent trading price.

10x Genomics (NASDAQ:TXG - Get Free Report) insider Benjamin Hindson sold 13,818 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $63.02, for a total value of $870,810.36. Following the transaction, the insider directly owned 488,182 shares in the company, valued at $30,765,229.64. This trade represents a 2.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

10x Genomics Trading Down 0.7%

NASDAQ:TXG traded down $0.46 during trading hours on Wednesday, hitting $64.26. The company had a trading volume of 3,076,435 shares, compared to its average volume of 2,891,627. 10x Genomics has a 1 year low of $11.16 and a 1 year high of $66.94. The company has a market cap of $8.37 billion, a P/E ratio of -108.91 and a beta of 2.03. The company has a 50-day moving average of $46.38 and a 200 day moving average of $30.97.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.10. The business had revenue of $151.04 million for the quarter, compared to analyst estimates of $146.67 million. 10x Genomics had a negative return on equity of 9.33% and a negative net margin of 12.18%.The company's quarterly revenue was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.28 EPS. On average, analysts forecast that 10x Genomics will post -0.75 earnings per share for the current year.

Hedge Funds Weigh In On 10x Genomics

A number of hedge funds have recently modified their holdings of the business. California State Teachers Retirement System increased its position in shares of 10x Genomics by 3,700.4% during the 2nd quarter. California State Teachers Retirement System now owns 4,679,895 shares of the company's stock worth $179,427,000 after purchasing an additional 4,556,753 shares during the last quarter. AQR Capital Management LLC lifted its position in 10x Genomics by 241.3% in the second quarter. AQR Capital Management LLC now owns 4,137,801 shares of the company's stock valued at $47,916,000 after buying an additional 2,925,372 shares during the last quarter. Millennium Management LLC lifted its position in 10x Genomics by 84.7% in the third quarter. Millennium Management LLC now owns 5,437,969 shares of the company's stock valued at $63,570,000 after buying an additional 2,494,142 shares during the last quarter. Wellington Management Group LLP boosted its stake in 10x Genomics by 126.6% during the third quarter. Wellington Management Group LLP now owns 4,285,628 shares of the company's stock worth $50,099,000 after buying an additional 2,394,355 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in 10x Genomics by 207.2% during the second quarter. Quantinno Capital Management LP now owns 2,233,526 shares of the company's stock worth $25,864,000 after buying an additional 1,506,530 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TXG shares. Barclays lifted their target price on shares of 10x Genomics from $30.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 24th. TD Cowen reissued a "hold" rating on shares of 10x Genomics in a research note on Wednesday, July 15th. Stephens raised their price target on shares of 10x Genomics from $50.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Morgan Stanley lifted their price target on shares of 10x Genomics from $37.00 to $40.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Finally, Zacks Research lowered shares of 10x Genomics from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 18th. Five equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $38.31.

About 10x Genomics

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.

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