Fulgent Genetics (NASDAQ:FLGT) Shares Down 3.4% on Analyst Downgrade

Fulgent Genetics, Inc. (NASDAQ:FLGT) traded down 3.4% during trading on Monday after Piper Sandler lowered their price target on the stock from $23.00 to $21.00. Piper Sandler currently has a neutral rating on the stock. Fulgent Genetics traded as low as $17.92 and last traded at $17.90. 59,010 shares were traded during trading, a decline of 84% from the average session volume of 359,387 shares. The stock had previously closed at $18.53.

Separately, Raymond James Financial restated an “outperform” rating and issued a $25.00 target price (up previously from $24.00) on shares of Fulgent Genetics in a report on Monday, May 5th.

Insider Buying and Selling

In other Fulgent Genetics news, COO Jian Xie sold 1,873 shares of the firm’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $20.54, for a total transaction of $38,471.42. Following the completion of the transaction, the chief operating officer owned 372,631 shares of the company’s stock, valued at approximately $7,653,840.74. This trade represents a 0.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 33.11% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

Several large investors have recently modified their holdings of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Fulgent Genetics in the 2nd quarter worth about $662,000. Allianz Asset Management GmbH purchased a new position in Fulgent Genetics in the 2nd quarter worth about $823,000. Signaturefd LLC raised its position in Fulgent Genetics by 60.4% in the 2nd quarter. Signaturefd LLC now owns 1,914 shares of the company’s stock worth $38,000 after buying an additional 721 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Fulgent Genetics by 28.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 202,820 shares of the company’s stock worth $3,428,000 after buying an additional 45,279 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in Fulgent Genetics by 124.0% in the 1st quarter. Acadian Asset Management LLC now owns 805,941 shares of the company’s stock worth $13,611,000 after buying an additional 446,076 shares during the last quarter. Hedge funds and other institutional investors own 48.06% of the company’s stock.

Fulgent Genetics Stock Performance

The stock has a 50-day simple moving average of $19.62 and a two-hundred day simple moving average of $18.37. The firm has a market cap of $558.88 million, a PE ratio of -11.06 and a beta of 0.83.

Fulgent Genetics (NASDAQ:FLGT) last announced its quarterly earnings data on Friday, August 1st. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.30. The company had revenue of $81.80 million during the quarter, compared to the consensus estimate of $76.21 million. Fulgent Genetics had a negative return on equity of 2.26% and a negative net margin of 16.83%. The firm’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 EPS. As a group, sell-side analysts anticipate that Fulgent Genetics, Inc. will post -0.85 EPS for the current fiscal year.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company’s clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.