Envestnet Asset Management Inc. Purchases New Shares in GeneDx Holdings Corp. (NASDAQ:WGS)

Envestnet Asset Management Inc. acquired a new position in GeneDx Holdings Corp. (NASDAQ:WGS) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 4,941 shares of the company’s stock, valued at approximately $380,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WGS. MCF Advisors LLC raised its holdings in GeneDx by 107.7% in the fourth quarter. MCF Advisors LLC now owns 351 shares of the company’s stock valued at $27,000 after acquiring an additional 182 shares in the last quarter. Global Retirement Partners LLC acquired a new position in GeneDx in the fourth quarter worth about $28,000. Rhumbline Advisers increased its holdings in GeneDx by 5.5% in the fourth quarter. Rhumbline Advisers now owns 19,750 shares of the company’s stock valued at $1,518,000 after buying an additional 1,021 shares during the last quarter. Principal Financial Group Inc. raised its stake in GeneDx by 10.6% during the fourth quarter. Principal Financial Group Inc. now owns 15,751 shares of the company’s stock valued at $1,211,000 after buying an additional 1,511 shares in the last quarter. Finally, Palumbo Wealth Management LLC lifted its holdings in GeneDx by 22.8% during the 4th quarter. Palumbo Wealth Management LLC now owns 8,303 shares of the company’s stock worth $638,000 after buying an additional 1,542 shares during the last quarter. 61.72% of the stock is owned by hedge funds and other institutional investors.

GeneDx Stock Down 1.6 %

GeneDx stock opened at $66.16 on Tuesday. The firm has a market capitalization of $1.86 billion, a P/E ratio of -33.75 and a beta of 1.96. The company has a 50-day simple moving average of $93.64 and a 200-day simple moving average of $82.95. GeneDx Holdings Corp. has a one year low of $18.80 and a one year high of $117.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.27 and a current ratio of 2.40.

GeneDx (NASDAQ:WGS) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.11 by $0.17. The company had revenue of $87.12 million for the quarter, compared to analyst estimates of $79.90 million. GeneDx had a negative net margin of 17.12% and a positive return on equity of 3.33%. As a group, equities analysts expect that GeneDx Holdings Corp. will post 0.97 earnings per share for the current year.

Analyst Upgrades and Downgrades

WGS has been the topic of several research reports. TD Securities dropped their price target on GeneDx from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company dropped their target price on shares of GeneDx from $105.00 to $78.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. The Goldman Sachs Group lifted their price target on shares of GeneDx from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, TD Cowen increased their price objective on shares of GeneDx from $75.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $78.14.

Insider Buying and Selling at GeneDx

In related news, CEO Katherine Stueland sold 10,559 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $96.71, for a total transaction of $1,021,160.89. Following the transaction, the chief executive officer now owns 14,865 shares in the company, valued at $1,437,594.15. This trade represents a 41.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin Feeley sold 922 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $94.72, for a total value of $87,331.84. Following the completion of the sale, the chief financial officer now owns 5,446 shares of the company’s stock, valued at $515,845.12. This trade represents a 14.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 139,390 shares of company stock valued at $13,043,288 in the last quarter. Corporate insiders own 27.30% of the company’s stock.

GeneDx Company 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.