Fulgent Genetics (NASDAQ:FLGT) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Fulgent Genetics (NASDAQ:FLGT – Get Rating) announced its quarterly earnings results on Thursday. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.05, Briefing.com reports. Fulgent Genetics had a return on equity of 41.13% and a net margin of 48.32%. The business had revenue of $125.30 million during the quarter, compared to the consensus estimate of $122.70 million. During the same quarter last year, the firm posted $2.47 EPS. The company’s quarterly revenue was down 18.4% on a year-over-year basis. Fulgent Genetics updated its Q3 2022 guidance to EPS and its FY 2022 guidance to $6.00-$6.00 EPS.

Fulgent Genetics Stock Down 6.1 %

Shares of FLGT traded down $3.88 during midday trading on Friday, reaching $59.86. 417,490 shares of the stock were exchanged, compared to its average volume of 401,285. Fulgent Genetics has a twelve month low of $47.34 and a twelve month high of $112.00. The company has a market cap of $1.82 billion, a P/E ratio of 4.05 and a beta of 1.47. The stock’s 50 day simple moving average is $55.73 and its 200 day simple moving average is $58.34.

Insider Transactions at Fulgent Genetics

In related news, CFO Paul Kim sold 1,191 shares of the business’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $53.38, for a total value of $63,575.58. Following the completion of the transaction, the chief financial officer now owns 153,577 shares of the company’s stock, valued at $8,197,940.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, COO Jian Xie sold 1,269 shares of the business’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $53.38, for a total value of $67,739.22. Following the completion of the transaction, the chief operating officer now owns 329,701 shares of the company’s stock, valued at $17,599,439.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Paul Kim sold 1,191 shares of the business’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $53.38, for a total value of $63,575.58. Following the completion of the transaction, the chief financial officer now directly owns 153,577 shares of the company’s stock, valued at approximately $8,197,940.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,200 shares of company stock valued at $171,530. 29.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Fulgent Genetics by 2.0% during the first quarter. Vanguard Group Inc. now owns 1,339,371 shares of the company’s stock worth $83,590,000 after purchasing an additional 26,731 shares during the last quarter. State Street Corp grew its holdings in shares of Fulgent Genetics by 11.3% during the first quarter. State Street Corp now owns 696,083 shares of the company’s stock worth $43,443,000 after purchasing an additional 70,764 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Fulgent Genetics by 8.9% during the first quarter. Invesco Ltd. now owns 296,560 shares of the company’s stock worth $18,508,000 after purchasing an additional 24,197 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Fulgent Genetics by 2.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 144,024 shares of the company’s stock worth $8,989,000 after purchasing an additional 3,771 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Fulgent Genetics by 247.1% during the first quarter. Goldman Sachs Group Inc. now owns 117,537 shares of the company’s stock worth $7,336,000 after purchasing an additional 83,678 shares during the last quarter. Institutional investors own 37.61% of the company’s stock.

Wall Street Analysts Forecast Growth

FLGT has been the subject of several research reports. Piper Sandler cut their price target on Fulgent Genetics from $85.00 to $70.00 in a report on Sunday, May 15th. TheStreet downgraded Fulgent Genetics from a “b-” rating to a “c+” rating in a report on Thursday, July 28th.

Fulgent Genetics Company Profile

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Fulgent Genetics, Inc, together with its subsidiaries, provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients in the United States and internationally. The company offers genetic tests comprising Focus and Comprehensive oncology panels tests; Beacon carrier screening panels test for inherited conditions; solid tumor molecular profiling for somatic cancer testing; rapid whole genome testing for children in NICU and PICU; newborn genetic analysis panel; single front-line test to detect ataxia-related variants and repeat expansions through sequencing; picture genetics, a patient-initiated genetic testing; whole exome and clinical exome panel tests; whole genome, mutation, and repeat expansion testing services, as well as research service tests.