10x Genomics (NASDAQ:TXG) Releases Earnings Results, Beats Estimates By $0.07 EPS

10x Genomics (NASDAQ:TXG) issued its earnings results on Thursday. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.07, Zacks reports. 10x Genomics had a negative net margin of 11.89% and a negative return on equity of 11.50%.

10x Genomics Stock Performance

TXG stock traded down $1.64 during mid-day trading on Thursday, hitting $17.51. The company had a trading volume of 3,633,381 shares, compared to its average volume of 2,755,853. The firm has a market cap of $2.22 billion, a PE ratio of -28.24 and a beta of 2.24. 10x Genomics has a 12 month low of $6.78 and a 12 month high of $23.56. The stock’s fifty day moving average price is $18.68 and its two-hundred day moving average price is $15.56.

Insider Buying and Selling

In other 10x Genomics news, CFO Adam Taich sold 11,888 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $225,872.00. Following the sale, the chief financial officer directly owned 297,385 shares in the company, valued at $5,650,315. The trade was a 3.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Benjamin J. Hindson sold 8,283 shares of 10x Genomics stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $19.00, for a total value of $157,377.00. Following the completion of the sale, the insider directly owned 432,605 shares of the company’s stock, valued at approximately $8,219,495. This trade represents a 1.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 33,432 shares of company stock valued at $635,208. 9.39% of the stock is owned by company insiders.

Institutional Trading of 10x Genomics

Hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC boosted its holdings in shares of 10x Genomics by 48.4% in the fourth quarter. Renaissance Technologies LLC now owns 1,550,539 shares of the company’s stock worth $25,289,000 after acquiring an additional 505,618 shares during the period. Dimensional Fund Advisors LP boosted its stake in 10x Genomics by 100.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,517,581 shares of the company’s stock worth $24,752,000 after purchasing an additional 762,201 shares during the period. Marex Group plc purchased a new position in 10x Genomics during the 4th quarter valued at about $480,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in shares of 10x Genomics by 31.9% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 632,079 shares of the company’s stock valued at $10,309,000 after buying an additional 152,751 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its holdings in shares of 10x Genomics by 12,138.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 17,012 shares of the company’s stock worth $277,000 after buying an additional 16,873 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of 10x Genomics from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 price target (up previously from $17.00) on shares of 10x Genomics in a research report on Monday, December 1st. Piper Sandler upped their price objective on shares of 10x Genomics from $15.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. Wall Street Zen cut shares of 10x Genomics from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Finally, TD Cowen restated a “hold” rating on shares of 10x Genomics in a report on Wednesday, January 7th. Four analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, 10x Genomics presently has an average rating of “Hold” and an average price target of $17.11.

About 10x Genomics

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.