Summit Partners Public Asset Management LLC Buys New Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Summit Partners Public Asset Management LLC bought a new stake in GeneDx Holdings Corp. (NASDAQ:WGS) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 172,945 shares of the company’s stock, valued at approximately $7,340,000. Summit Partners Public Asset Management LLC owned about 0.63% of GeneDx as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Acadian Asset Management LLC acquired a new stake in shares of GeneDx in the second quarter worth $34,000. nVerses Capital LLC acquired a new stake in GeneDx in the 2nd quarter worth $50,000. CWM LLC bought a new position in shares of GeneDx during the 3rd quarter worth about $89,000. American Century Companies Inc. raised its position in shares of GeneDx by 36.1% during the second quarter. American Century Companies Inc. now owns 17,258 shares of the company’s stock valued at $451,000 after buying an additional 4,573 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of GeneDx in the third quarter valued at about $198,000. 61.72% of the stock is owned by institutional investors.

GeneDx Trading Down 1.4 %

Shares of WGS opened at $79.43 on Friday. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. The stock has a market cap of $2.18 billion, a PE ratio of -25.54 and a beta of 2.11. GeneDx Holdings Corp. has a 1 year low of $1.45 and a 1 year high of $89.11. The stock has a 50 day simple moving average of $62.14 and a 200-day simple moving average of $40.95.

GeneDx (NASDAQ:WGS) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.25. GeneDx had a negative return on equity of 13.35% and a negative net margin of 31.25%. The firm had revenue of $76.90 million for the quarter, compared to analysts’ expectations of $64.98 million. During the same period in the prior year, the business posted ($0.82) earnings per share. The business’s revenue was up 44.3% compared to the same quarter last year. On average, sell-side analysts predict that GeneDx Holdings Corp. will post -0.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

WGS has been the topic of several research reports. Wells Fargo & Company boosted their price target on GeneDx from $34.00 to $75.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Craig Hallum boosted their price objective on GeneDx from $70.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their target price on GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.33.

Insider Activity at GeneDx

In related news, CFO Kevin Feeley sold 895 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $33.33, for a total transaction of $29,830.35. Following the completion of the sale, the chief financial officer now directly owns 39,910 shares of the company’s stock, valued at $1,330,200.30. This trade represents a 2.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Katherine Stueland sold 3,639 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $33.33, for a total value of $121,287.87. Following the completion of the transaction, the chief executive officer now directly owns 95,457 shares in the company, valued at approximately $3,181,581.81. This represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,109,109 shares of company stock valued at $81,980,692 in the last ninety days. Insiders own 27.30% of the company’s stock.

About GeneDx

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.