Fulgent Genetics, Inc. (NASDAQ:FLGT) Sees Large Increase in Short Interest

Fulgent Genetics, Inc. (NASDAQ:FLGT – Get Rating) was the target of a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 908,500 shares, a growth of 5.9% from the February 13th total of 857,800 shares. Based on an average daily trading volume, of 239,200 shares, the short-interest ratio is presently 3.8 days. Approximately 4.9% of the company’s shares are sold short.

Fulgent Genetics Stock Down 4.9 %

Shares of FLGT opened at $30.84 on Friday. Fulgent Genetics has a fifty-two week low of $28.53 and a fifty-two week high of $65.32. The company’s fifty day moving average is $32.68 and its two-hundred day moving average is $35.37. The firm has a market cap of $910.37 million, a PE ratio of 6.76 and a beta of 1.61.

Fulgent Genetics (NASDAQ:FLGT – Get Rating) last issued its earnings results on Tuesday, February 28th. The company reported ($0.71) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.07. Fulgent Genetics had a return on equity of 11.93% and a net margin of 23.17%. The business had revenue of $67.70 million for the quarter, compared to analyst estimates of $59.44 million. As a group, equities research analysts anticipate that Fulgent Genetics will post -2.25 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Raymond James assumed coverage on shares of Fulgent Genetics in a research note on Friday, November 18th. They issued an “outperform” rating and a $45.00 target price for the company. Credit Suisse Group dropped their target price on Fulgent Genetics from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Thursday, March 2nd. StockNews.com assumed coverage on Fulgent Genetics in a research report on Thursday. They set a “hold” rating on the stock. Finally, Piper Sandler lowered their price target on Fulgent Genetics from $40.00 to $35.00 in a report on Monday, March 13th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.67.

Hedge Funds Weigh In On Fulgent Genetics

A number of large investors have recently modified their holdings of the company. Park West Asset Management LLC increased its position in Fulgent Genetics by 152.0% during the 2nd quarter. Park West Asset Management LLC now owns 629,882 shares of the company’s stock worth $34,347,000 after purchasing an additional 379,882 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Fulgent Genetics by 73.5% during the third quarter. Dimensional Fund Advisors LP now owns 680,822 shares of the company’s stock worth $25,954,000 after buying an additional 288,308 shares during the period. Point72 Asset Management L.P. grew its stake in Fulgent Genetics by 254.2% during the second quarter. Point72 Asset Management L.P. now owns 227,237 shares of the company’s stock worth $12,391,000 after buying an additional 163,083 shares during the period. BlackRock Inc. grew its stake in Fulgent Genetics by 4.5% during the third quarter. BlackRock Inc. now owns 3,484,339 shares of the company’s stock worth $132,825,000 after buying an additional 149,014 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Fulgent Genetics by 74.9% during the fourth quarter. JPMorgan Chase & Co. now owns 337,736 shares of the company’s stock worth $10,058,000 after buying an additional 144,660 shares during the period. 43.22% of the stock is currently owned by hedge funds and other institutional investors.

About Fulgent Genetics

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Fulgent Genetics, Inc is a technology company, which engages in the provision of gene testing and sequencing solutions. It offers genes and panels, known mutation, hereditary cancer, carrier screening, and tumor profiling solutions. The company was founded by Ming Hsieh on May 13, 2016 and is headquartered in Temple City, CA.