Fulgent Genetics (NASDAQ:FLGT) Lifted to “Buy” at Zacks Investment Research

Fulgent Genetics (NASDAQ:FLGTGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $65.00 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 18.20% from the stock’s current price.

According to Zacks, “Fulgent Genetics, Inc. is a technology company. It provide genetic testing services to physicians with clinically actionable diagnostic information. The Company’s technology platform integrates data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory process which serves primarily to hospitals and medical institutions. Fulgent Genetics, Inc. is headquartered in Temple City, California. “

Several other research firms have also recently weighed in on FLGT. Oppenheimer decreased their target price on Fulgent Genetics from $141.00 to $125.00 and set an “outperform” rating for the company in a research note on Tuesday, January 25th. StockNews.com began coverage on Fulgent Genetics in a research note on Thursday, March 31st. They set a “hold” rating for the company. Finally, Piper Sandler boosted their target price on Fulgent Genetics from $80.00 to $85.00 in a research note on Tuesday, March 1st.

Shares of FLGT traded down $2.88 during midday trading on Tuesday, hitting $54.99. The company had a trading volume of 270,057 shares, compared to its average volume of 457,554. The company’s 50-day simple moving average is $59.50 and its 200-day simple moving average is $74.63. The firm has a market capitalization of $1.67 billion, a P/E ratio of 3.36 and a beta of 1.54. Fulgent Genetics has a 1 year low of $49.50 and a 1 year high of $112.00.

Fulgent Genetics (NASDAQ:FLGTGet Rating) last announced its quarterly earnings data on Wednesday, February 23rd. The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.66 by $0.68. The business had revenue of $251.67 million during the quarter, compared to analysts’ expectations of $191.10 million. Fulgent Genetics had a return on equity of 51.21% and a net margin of 51.12%. The business’s quarterly revenue was down 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $6.12 EPS. On average, analysts anticipate that Fulgent Genetics will post 7.3 EPS for the current year.

In other Fulgent Genetics news, CFO Paul Kim sold 454 shares of the business’s stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $56.31, for a total value of $25,564.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 29.50% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of FLGT. Spire Wealth Management increased its holdings in shares of Fulgent Genetics by 10.8% in the fourth quarter. Spire Wealth Management now owns 1,375 shares of the company’s stock valued at $138,000 after purchasing an additional 134 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Fulgent Genetics by 0.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 20,322 shares of the company’s stock valued at $1,828,000 after purchasing an additional 146 shares during the period. Maryland State Retirement & Pension System increased its holdings in shares of Fulgent Genetics by 2.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 7,730 shares of the company’s stock valued at $778,000 after purchasing an additional 180 shares during the period. First Foundation Advisors increased its holdings in shares of Fulgent Genetics by 4.0% in the third quarter. First Foundation Advisors now owns 4,728 shares of the company’s stock valued at $425,000 after purchasing an additional 182 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Fulgent Genetics by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,527 shares of the company’s stock valued at $556,000 after purchasing an additional 182 shares during the period. Institutional investors own 38.33% of the company’s stock.

About Fulgent Genetics (Get Rating)

Fulgent Genetics, Inc, together with its subsidiaries, provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients in the United States and internationally. The company offers genetic tests comprising Focus and Comprehensive oncology panels tests; Beacon carrier screening panels test for inherited conditions; solid tumor molecular profiling for somatic cancer testing; rapid whole genome testing for children in NICU and PICU; newborn genetic analysis panel; single front-line test to detect ataxia-related variants and repeat expansions through sequencing; picture genetics, a patient-initiated genetic testing; whole exome and clinical exome panel tests; whole genome, mutation, and repeat expansion testing services, as well as research service tests.

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