Zacks: Fulgent Genetics Inc (NASDAQ:FLGT) Receives Consensus Recommendation of “Strong Buy” from Brokerages

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Fulgent Genetics Inc (NASDAQ:FLGT) has been assigned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy rating. Fulgent Genetics’ rating score has improved by 66.7% from three months ago as a result of various analysts’ ratings changes.

Brokers have set a 12-month consensus target price of $12.30 for the company and are forecasting that the company will post $0.06 earnings per share for the current quarter, according to Zacks. Zacks has also given Fulgent Genetics an industry rank of 44 out of 255 based on the ratings given to its competitors.

A number of equities analysts have recently issued reports on the company. Zacks Investment Research downgraded Fulgent Genetics from a “strong-buy” rating to a “hold” rating and set a $14.00 price target on the stock. in a research report on Tuesday, October 8th. Piper Jaffray Companies upgraded Fulgent Genetics from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $9.50 to $12.30 in a report on Tuesday, November 5th. Finally, ValuEngine raised shares of Fulgent Genetics from a “sell” rating to a “hold” rating in a research note on Friday, November 1st.

NASDAQ:FLGT traded down $0.36 during midday trading on Tuesday, hitting $11.19. The stock had a trading volume of 262,539 shares, compared to its average volume of 89,124. Fulgent Genetics has a one year low of $3.09 and a one year high of $16.50. The company has a market capitalization of $213.30 million, a price-to-earnings ratio of -58.89 and a beta of 1.01. The stock has a 50-day moving average of $11.44 and a 200 day moving average of $9.21. The company has a quick ratio of 9.22, a current ratio of 9.22 and a debt-to-equity ratio of 0.04.

Fulgent Genetics (NASDAQ:FLGT) last issued its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.08. The business had revenue of $10.35 million during the quarter, compared to analyst estimates of $8.48 million. Fulgent Genetics had a negative return on equity of 0.16% and a negative net margin of 3.52%. On average, sell-side analysts anticipate that Fulgent Genetics will post 0.06 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in FLGT. Russell Investments Group Ltd. bought a new position in shares of Fulgent Genetics during the third quarter valued at approximately $27,000. Raymond James Trust N.A. purchased a new position in shares of Fulgent Genetics in the 3rd quarter valued at $5,195,000. River & Mercantile Asset Management LLP purchased a new position in shares of Fulgent Genetics in the 2nd quarter valued at $1,034,000. Finally, BlackRock Inc. raised its position in shares of Fulgent Genetics by 15.9% in the 2nd quarter. BlackRock Inc. now owns 16,607 shares of the company’s stock worth $111,000 after acquiring an additional 2,281 shares in the last quarter. 15.65% of the stock is owned by hedge funds and other institutional investors.

About Fulgent Genetics

Fulgent Genetics, Inc, together with its subsidiaries, provides genetic testing services to physicians with clinically actionable diagnostic information. Its technology platform integrates data comparison and suppression algorithms, learning software, and genetic diagnostics tools and integrated laboratory processes.

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