Wall Street Zen Upgrades Fulgent Genetics (NASDAQ:FLGT) to Hold

Fulgent Genetics (NASDAQ:FLGT) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Other equities analysts have also issued research reports about the company. Piper Sandler lifted their price target on Fulgent Genetics from $15.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded shares of Fulgent Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 27th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Fulgent Genetics has a consensus rating of “Hold” and an average price target of $27.50.

Fulgent Genetics Price Performance

Fulgent Genetics stock opened at $23.74 on Friday. The company has a market capitalization of $663.30 million, a P/E ratio of -7.68 and a beta of 1.00. The stock’s 50 day moving average is $20.80 and its 200 day moving average is $19.31. Fulgent Genetics has a twelve month low of $13.46 and a twelve month high of $31.04.

Fulgent Genetics (NASDAQ:FLGT) last posted its quarterly earnings data on Thursday, November 5th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.65) by $0.56. The company had revenue of $90.41 million during the quarter, compared to analyst estimates of $86.30 million. Fulgent Genetics had a negative return on equity of 5.66% and a negative net margin of 27.53%. As a group, equities analysts expect that Fulgent Genetics will post -3.48 EPS for the current year.

Insider Activity

In other news, insider Hanlin Gao sold 1,673 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total transaction of $32,891.18. Following the sale, the insider owned 986,117 shares of the company’s stock, valued at $19,387,060.22. This trade represents a 0.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,127 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total transaction of $41,816.82. Following the sale, the chief operating officer directly owned 359,924 shares in the company, valued at approximately $7,076,105.84. The trade was a 0.59% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 5,932 shares of company stock valued at $117,156 over the last quarter. 36.18% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Fulgent Genetics in the 2nd quarter worth approximately $46,922,000. Medina Value Partners LLC purchased a new stake in Fulgent Genetics during the 2nd quarter valued at $3,961,612. Quantinno Capital Management LP lifted its holdings in shares of Fulgent Genetics by 374.7% during the 1st quarter. Quantinno Capital Management LP now owns 137,479 shares of the company’s stock valued at $2,186,000 after buying an additional 108,519 shares during the period. Bank of America Corp DE bought a new position in shares of Fulgent Genetics during the 2nd quarter valued at $3,603,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Fulgent Genetics in the 2nd quarter worth $1,134,000. 48.06% of the stock is owned by hedge funds and other institutional investors.

About Fulgent Genetics

Fulgent Genetics, Inc is a technology-driven clinical diagnostics company that develops and performs genetic testing. Its testing platform uses next-generation sequencing and other molecular technologies to analyze DNA and support the diagnosis, screening and management of inherited and acquired diseases.

The company offers a range of tests, including panels for hereditary cancer, reproductive health and inherited disorders, as well as tumor profiling and other specialized clinical testing services.