Redwood Investment Management LLC Invests $467,000 in GeneDx Holdings Corp. (NASDAQ:WGS)

Redwood Investment Management LLC purchased a new position in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,079 shares of the company's stock, valued at approximately $467,000.

A number of other hedge funds have also modified their holdings of WGS. William Blair Investment Management LLC purchased a new position in GeneDx during the 4th quarter valued at about $51,496,000. Lord Abbett & CO. LLC purchased a new position in GeneDx during the 4th quarter valued at about $48,458,000. Science & Technology Partners L.P. purchased a new position in GeneDx during the 4th quarter valued at about $30,821,000. Zweig DiMenna Associates LLC purchased a new position in GeneDx during the 4th quarter valued at about $23,788,000. Finally, Raymond James Financial Inc. purchased a new position in GeneDx during the 4th quarter valued at about $20,371,000. 61.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on WGS. Jefferies Financial Group raised GeneDx from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a research report on Friday, May 9th. The Goldman Sachs Group increased their price target on GeneDx from $70.00 to $80.00 and gave the company a "neutral" rating in a research report on Wednesday, February 19th. Guggenheim started coverage on GeneDx in a research report on Thursday, May 15th. They issued a "buy" rating and a $88.00 price target on the stock. TD Securities cut their target price on GeneDx from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, Wells Fargo & Company cut their target price on GeneDx from $105.00 to $78.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $86.75.

Insider Buying and Selling

In related news, CFO Kevin Feeley sold 388 shares of GeneDx stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $113.09, for a total transaction of $43,878.92. Following the completion of the transaction, the chief financial officer now directly owns 3,337 shares of the company's stock, valued at approximately $377,381.33. The trade was a 10.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Keith A. Meister acquired 100,000 shares of GeneDx stock in a transaction that occurred on Thursday, May 8th. The shares were 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 owns 3,008,629 shares of the company's stock, valued at $168,513,310.29. The trade was a 3.44% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 139,390 shares of company stock worth $13,043,288 in the last quarter. 29.60% of the stock is owned by insiders.

GeneDx Stock Performance

NASDAQ:WGS traded up $1.09 during mid-day trading on Tuesday, reaching $72.11. 833,418 shares of the stock were exchanged, compared to its average volume of 759,971. The company has a 50 day simple moving average of $86.68 and a 200-day simple moving average of $82.57. The stock has a market capitalization of $2.06 billion, a P/E ratio of -36.79 and a beta of 1.96. The company has a quick ratio of 2.27, a current ratio of 2.40 and a debt-to-equity ratio of 0.25. GeneDx Holdings Corp. has a 1 year low of $19.16 and a 1 year high of $117.75.

GeneDx (NASDAQ:WGS - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.17. The firm had revenue of $87.12 million for the quarter, compared to the consensus estimate of $79.90 million. GeneDx had a positive return on equity of 3.33% and a negative net margin of 17.12%. Analysts anticipate that GeneDx Holdings Corp. will post 0.97 earnings per share for the current fiscal year.

GeneDx 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.