Fulgent Genetics (NASDAQ:FLGT) Share Price Crosses Below 200-Day Moving Average - Here's Why

Key Points

• Fulgent Genetics shares fell below their 200-day moving average of $19.46, reaching $19.05 before closing at $19.29 on volume of 339,387 shares.
• Analyst sentiment remains mixed, with one Buy, two Hold and one Sell rating. The average rating is Hold, with an average price target of $27.50.
• Insiders sold 5,932 shares worth $117,156 over the past 90 days, primarily to cover tax withholding on vested equity awards, while institutional ownership stands at 48.06%.

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) shares crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $19.46 and traded as low as $19.05. Fulgent Genetics shares last traded at $19.29, with a volume of 339,387 shares.

Analyst Ratings Changes

FLGT has been the topic of a number of analyst reports. Weiss Ratings raised Fulgent Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 27th. Piper Sandler boosted their target price on Fulgent Genetics from $15.00 to $19.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Finally, Wall Street Zen raised Fulgent Genetics from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 29th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Fulgent Genetics has an average rating of "Hold" and an average price target of $27.50.

Fulgent Genetics Stock Down 6.5%

The stock's 50-day moving average is $20.76 and its 200-day moving average is $19.46. The firm has a market cap of $530.67 million, a P/E ratio of -6.84 and a beta of 0.93.

Insider Buying and Selling at Fulgent Genetics

In other Fulgent Genetics news, insider Hanlin Gao sold 1,673 shares of the firm's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total value of $32,891.18. Following the sale, the insider directly owned 986,117 shares in the company, valued at $19,387,060.22. This trade represents a 0.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,127 shares of the business's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total transaction of $41,816.82. Following the transaction, the chief operating officer owned 359,924 shares in the company, valued at approximately $7,076,105.84. The trade was a 0.59% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 5,932 shares of company stock worth $117,156 over the last 90 days. Company insiders own 36.18% of the company's stock.

Institutional Investors Weigh In On Fulgent Genetics

A number of institutional investors have recently added to or reduced their stakes in FLGT. Allworth Financial LP bought a new stake in shares of Fulgent Genetics in the 2nd quarter worth approximately $25,000. Legal & General Group Plc bought a new stake in shares of Fulgent Genetics during the second quarter valued at approximately $38,000. Empowered Funds LLC bought a new stake in shares of Fulgent Genetics during the second quarter valued at approximately $276,000. Persistent Asset Partners Ltd acquired a new position in shares of Fulgent Genetics in the second quarter valued at $488,000. Finally, Deutsche Bank AG acquired a new position in shares of Fulgent Genetics in the second quarter valued at $558,000. 48.06% of the stock is owned by institutional investors and hedge funds.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc is a technology-driven clinical diagnostics company that develops and performs genetic testing. Its testing platform uses next-generation sequencing and other molecular technologies to analyze DNA and support the diagnosis, screening and management of inherited and acquired diseases.

The company offers a range of tests, including panels for hereditary cancer, reproductive health and inherited disorders, as well as tumor profiling and other specialized clinical testing services.

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