Fulgent Genetics (NASDAQ:FLGT) Cut to Hold at Zacks Research

Zacks Research cut shares of Fulgent Genetics (NASDAQ:FLGT) from a strong-buy rating to a hold rating in a report issued on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Piper Sandler boosted their price target on Fulgent Genetics from $21.00 to $30.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Wall Street Zen lowered shares of Fulgent Genetics from a “buy” rating to a “hold” rating in a report on Saturday, December 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fulgent Genetics in a report on Thursday, January 22nd. Finally, Raymond James Financial reiterated an “outperform” rating and set a $36.00 price target on shares of Fulgent Genetics in a research report on Friday, November 14th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $32.00.

Fulgent Genetics Price Performance

Shares of NASDAQ:FLGT opened at $23.00 on Monday. The business’s 50 day simple moving average is $26.81 and its 200 day simple moving average is $24.56. Fulgent Genetics has a 1 year low of $14.57 and a 1 year high of $31.04. The company has a market capitalization of $710.93 million, a P/E ratio of -16.55 and a beta of 0.86.

Insider Activity at Fulgent Genetics

In related news, insider Hanlin Gao sold 1,075 shares of the company’s 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 transaction, the insider directly owned 952,890 shares in the company, valued at approximately $26,995,373.70. This represents a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jian Xie sold 1,140 shares of the 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 $32,296.20. Following the completion of the transaction, the chief operating officer owned 336,749 shares of the company’s stock, valued at $9,540,099.17. The trade was a 0.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 15,572 shares of company stock valued at $454,112 over the last quarter. 31.76% of the stock is owned by company insiders.

Institutional Trading of Fulgent Genetics

A number of large investors have recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its holdings in Fulgent Genetics by 69.3% in the fourth quarter. Farther Finance Advisors LLC now owns 1,339 shares of the company’s stock valued at $35,000 after purchasing an additional 548 shares during the period. Flagship Harbor Advisors LLC purchased a new position in shares of Fulgent Genetics in the 4th quarter valued at about $56,000. Raymond James Financial Inc. acquired a new position in shares of Fulgent Genetics during the second quarter worth about $49,000. Quantbot Technologies LP acquired a new position in shares of Fulgent Genetics during the third quarter worth about $61,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Fulgent Genetics during the fourth quarter worth approximately $218,000. Hedge funds and other institutional investors own 48.06% of the company’s stock.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc (NASDAQ: FLGT) is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company’s infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent’s product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.