Fulgent Genetics (NASDAQ:FLGT) Reaches New 52-Week High After Earnings Beat

Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) reached a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $27.36 and last traded at $26.0860, with a volume of 174012 shares traded. The stock had previously closed at $22.31.

The company reported $0.14 EPS for the quarter, beating the consensus estimate of ($0.22) by $0.36. The firm had revenue of $84.07 million for the quarter, compared to analyst estimates of $81.43 million. Fulgent Genetics had a negative net margin of 16.83% and a negative return on equity of 2.26%. Fulgent Genetics has set its FY 2025 guidance at 0.300-0.300 EPS.

Analyst Ratings Changes

Several equities analysts have commented on FLGT shares. Piper Sandler set a $21.00 target price on Fulgent Genetics and gave the company a “neutral” rating in a research report on Monday, August 4th. UBS Group raised Fulgent Genetics from a “neutral” rating to a “buy” rating and upped their price objective for the company from $20.00 to $30.00 in a research note on Tuesday, August 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Fulgent Genetics in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $25.33.

Insiders Place Their Bets

In related news, COO Jian Xie sold 1,199 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $21.48, for a total transaction of $25,754.52. Following the completion of the sale, the chief operating officer directly owned 365,249 shares in the company, valued at $7,845,548.52. This represents a 0.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders sold 5,577 shares of company stock valued at $121,024. Insiders own 31.76% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

A number of institutional investors and hedge funds have recently made changes to their positions in FLGT. Vanguard Group Inc. raised its holdings in Fulgent Genetics by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 1,179,254 shares of the company’s stock worth $26,651,000 after purchasing an additional 13,295 shares during the period. JPMorgan Chase & Co. increased its stake in Fulgent Genetics by 767.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 299,014 shares of the company’s stock worth $6,758,000 after acquiring an additional 264,524 shares during the last quarter. Allianz Asset Management GmbH lifted its position in Fulgent Genetics by 119.6% during the third quarter. Allianz Asset Management GmbH now owns 90,869 shares of the company’s stock valued at $2,054,000 after purchasing an additional 49,485 shares during the last quarter. AlphaQuest LLC raised its holdings in Fulgent Genetics by 95.6% during the 3rd quarter. AlphaQuest LLC now owns 25,025 shares of the company’s stock valued at $566,000 after buying an additional 12,231 shares during the period. Finally, SG Americas Securities LLC purchased a new position in Fulgent Genetics during the third quarter worth $433,000. Institutional investors own 48.06% of the company’s stock.

Fulgent Genetics Trading Up 18.2%

The firm has a market cap of $806.85 million, a P/E ratio of -15.88 and a beta of 0.92. The business has a 50-day moving average price of $22.68 and a 200-day moving average price of $20.88.

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.