Fulgent Genetics (NASDAQ:FLGT) Shares Up 20.3% After Better-Than-Expected Earnings

Key Points

• Fulgent Genetics shares rose about 20% after quarterly results exceeded expectations, reaching $22.45 in mid-day trading.
• The company reported an adjusted loss of $0.09 per share, beating the $0.65 loss analysts had forecast, while revenue of $90.41 million topped estimates of $86.30 million.
• Analysts maintained a consensus Hold rating, with an average price target of $27.50.

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report)'s stock price traded up 20.3% during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $22.21 and last traded at $22.4450. Approximately 74,076 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 402,347 shares. The stock had previously closed at $18.66.

The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.65) by $0.56. Fulgent Genetics had a negative net margin of 26.05% and a negative return on equity of 4.93%. The firm had revenue of $90.41 million during the quarter, compared to analyst estimates of $86.30 million.

Analyst Ratings Changes

Several brokerages recently issued reports on FLGT. Piper Sandler boosted their target price on shares of Fulgent Genetics from $15.00 to $19.00 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded shares of Fulgent Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 27th. Finally, Wall Street Zen upgraded shares of Fulgent Genetics from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 29th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Fulgent Genetics presently has a consensus rating of "Hold" and an average target price of $27.50.

Insider Activity

In other Fulgent Genetics news, COO Jian Xie sold 2,127 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total value of $41,816.82. Following the completion of the transaction, the chief operating officer directly owned 359,924 shares in the company, valued at $7,076,105.84. This represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hanlin Gao sold 1,673 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total value of $32,891.18. Following the completion of the transaction, the insider owned 986,117 shares of the company's stock, valued at $19,387,060.22. The trade was a 0.17% decrease in their ownership of the stock. 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 have sold 5,932 shares of company stock valued at $117,156 in the last quarter. 36.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fulgent Genetics

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Fulgent Genetics in the 2nd quarter valued at $46,922,000. Medina Value Partners LLC bought a new position in shares of Fulgent Genetics during the 2nd quarter valued at about $3,961,612. Bank of America Corp DE bought a new position in shares of Fulgent Genetics during the 2nd quarter valued at about $3,603,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Fulgent Genetics during the second quarter valued at about $3,265,000. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of Fulgent Genetics by 32.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 111,405 shares of the company's stock valued at $2,286,000 after purchasing an additional 27,395 shares in the last quarter. Institutional investors own 48.06% of the company's stock.

Fulgent Genetics Stock Up 20.5%

The company has a fifty day moving average price of $20.73 and a 200-day moving average price of $19.33. The stock has a market capitalization of $618.78 million, a P/E ratio of -7.96 and a beta of 1.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.