Research Analysts Set Expectations for 10x Genomics, Inc.'s Q2 2024 Earnings (NASDAQ:TXG)

10x Genomics, Inc. (NASDAQ:TXG - Free Report) - Analysts at William Blair boosted their Q2 2024 earnings per share (EPS) estimates for 10x Genomics in a note issued to investors on Wednesday, May 1st. William Blair analyst M. Larew now expects that the company will post earnings per share of ($0.53) for the quarter, up from their prior forecast of ($0.55). The consensus estimate for 10x Genomics' current full-year earnings is ($1.47) per share. William Blair also issued estimates for 10x Genomics' Q3 2024 earnings at ($0.41) EPS, Q4 2024 earnings at ($0.30) EPS, FY2024 earnings at ($1.71) EPS and FY2025 earnings at ($1.30) EPS.

Other equities research analysts have also issued reports about the company. UBS Group decreased their price target on 10x Genomics from $52.00 to $30.00 and set a "neutral" rating for the company in a research note on Wednesday. The Goldman Sachs Group cut their price target on shares of 10x Genomics from $30.00 to $26.00 and set a "sell" rating on the stock in a report on Wednesday. Barclays decreased their price objective on shares of 10x Genomics from $55.00 to $45.00 and set an "overweight" rating for the company in a report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of 10x Genomics from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, April 18th. Finally, TD Cowen downgraded shares of 10x Genomics from a "buy" rating to a "hold" rating and decreased their price target for the company from $57.00 to $32.00 in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, 10x Genomics currently has an average rating of "Moderate Buy" and a consensus target price of $48.50.

10x Genomics Stock Performance

NASDAQ TXG traded up $1.19 during trading on Friday, hitting $27.48. The stock had a trading volume of 2,345,183 shares, compared to its average volume of 1,561,500. 10x Genomics has a one year low of $24.60 and a one year high of $63.57. The stock has a 50 day simple moving average of $36.16 and a 200 day simple moving average of $42.18. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of -12.24 and a beta of 1.94.

10x Genomics (NASDAQ:TXG - Get Free Report) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($0.50) EPS for the quarter, meeting analysts' consensus estimates of ($0.50). 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The firm had revenue of $141.01 million during the quarter, compared to the consensus estimate of $142.24 million. During the same quarter last year, the firm earned ($0.44) EPS. The firm's revenue for the quarter was up 5.0% compared to the same quarter last year.

Insider Buying and Selling at 10x Genomics

In other news, CEO Serge Saxonov sold 1,000 shares of the company's stock in a transaction on Friday, February 9th. The stock was sold at an average price of $49.53, for a total transaction of $49,530.00. Following the transaction, the chief executive officer now directly owns 855,381 shares of the company's stock, valued at $42,367,020.93. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Serge Saxonov sold 1,000 shares of the company's stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $49.53, for a total transaction of $49,530.00. Following the transaction, the chief executive officer now owns 855,381 shares in the company, valued at $42,367,020.93. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Justin J. Mcanear sold 1,865 shares of the business's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $86,424.10. Following the sale, the chief financial officer now directly owns 95,240 shares in the company, valued at approximately $4,413,421.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,959 shares of company stock valued at $592,806. 10.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

Several hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its stake in 10x Genomics by 113.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company's stock valued at $26,000 after acquiring an additional 371 shares during the period. UMB Bank n.a. boosted its holdings in 10x Genomics by 51.6% in the fourth quarter. UMB Bank n.a. now owns 782 shares of the company's stock valued at $44,000 after purchasing an additional 266 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in 10x Genomics in the fourth quarter valued at $66,000. Van ECK Associates Corp grew its position in 10x Genomics by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 1,908 shares of the company's stock worth $107,000 after purchasing an additional 362 shares during the period. Finally, Powell Investment Advisors LLC purchased a new position in shares of 10x Genomics during the 4th quarter valued at about $200,000. 84.68% of the stock is owned by institutional investors and hedge funds.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.