Fulgent Genetics (NASDAQ:FLGT) Rating Lowered to “Hold” at Wall Street Zen

Fulgent Genetics (NASDAQ:FLGT) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other analysts have also commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Fulgent Genetics in a research report on Wednesday, October 8th. Raymond James Financial reissued an “outperform” rating and set a $36.00 price target on shares of Fulgent Genetics in a research report on Friday, November 14th. Finally, Piper Sandler raised their price objective on Fulgent Genetics from $21.00 to $30.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $32.00.

Fulgent Genetics Price Performance

FLGT opened at $27.14 on Friday. The company has a market capitalization of $838.90 million, a price-to-earnings ratio of -19.53 and a beta of 0.65. The business’s 50-day moving average price is $25.92 and its two-hundred day moving average price is $22.49. Fulgent Genetics has a 1 year low of $14.57 and a 1 year high of $31.04.

Fulgent Genetics (NASDAQ:FLGT) last announced its earnings results on Friday, November 7th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.36. The business had revenue of $84.07 million for the quarter, compared to analyst estimates of $81.43 million. Fulgent Genetics had a negative return on equity of 2.55% and a negative net margin of 13.62%.Fulgent Genetics has set its FY 2025 guidance at 0.300-0.300 EPS. Sell-side analysts anticipate that Fulgent Genetics will post -0.85 earnings per share for the current fiscal year.

Insider Activity at Fulgent Genetics

In other news, COO Jian Xie sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $29.10, for a total transaction of $291,000.00. Following the transaction, the chief operating officer owned 349,768 shares in the company, valued at approximately $10,178,248.80. This trade represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Hanlin Gao sold 1,075 shares of Fulgent Genetics stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $28.33, for a total value of $30,454.75. Following the sale, the insider directly owned 952,890 shares of the company’s stock, valued at approximately $26,995,373.70. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 15,572 shares of company stock worth $454,112 in the last ninety days. 31.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fulgent Genetics

Hedge funds and other institutional investors have recently modified their holdings of the company. Qube Research & Technologies Ltd grew its stake in shares of Fulgent Genetics by 52.4% in the third quarter. Qube Research & Technologies Ltd now owns 85,059 shares of the company’s stock valued at $1,922,000 after acquiring an additional 29,264 shares in the last quarter. Millennium Management LLC raised its stake in Fulgent Genetics by 1.8% in the 3rd quarter. Millennium Management LLC now owns 1,468,844 shares of the company’s stock worth $33,196,000 after purchasing an additional 26,582 shares in the last quarter. Brevan Howard Capital Management LP bought a new stake in Fulgent Genetics in the 3rd quarter valued at about $509,000. Bank of America Corp DE boosted its holdings in Fulgent Genetics by 67.1% in the 3rd quarter. Bank of America Corp DE now owns 156,251 shares of the company’s stock valued at $3,531,000 after purchasing an additional 62,726 shares during the period. Finally, Boothbay Fund Management LLC acquired a new position in shares of Fulgent Genetics during the 3rd quarter worth approximately $437,000. Institutional investors and hedge funds own 48.06% of the company’s stock.

About Fulgent Genetics

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.