Fulgent Genetics (NASDAQ:FLGT) Sets New 12-Month High on Strong Earnings

Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) hit a new 52-week high during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $27.36 and last traded at $26.0860, with a volume of 174012 shares trading hands. The stock had previously closed at $22.31.

The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06. Fulgent Genetics had a negative return on equity of 2.26% and a negative net margin of 16.83%. Fulgent Genetics has set its FY 2025 guidance at 0.300-0.300 EPS.

Wall Street Analysts Forecast Growth

FLGT has been the subject of several research reports. Piper Sandler set a $21.00 price target on shares of Fulgent Genetics and gave the stock a “neutral” rating in a research report on Monday, August 4th. UBS Group upgraded shares of Fulgent Genetics from a “neutral” rating to a “buy” rating and raised their price target for the company from $20.00 to $30.00 in a research report on Tuesday, August 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fulgent Genetics in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fulgent Genetics has an average rating of “Hold” and a consensus target price of $25.33.

Insiders Place Their Bets

In other news, COO Jian Xie sold 1,199 shares of the firm’s stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $21.48, for a total value of $25,754.52. Following the completion of the transaction, the chief operating officer owned 365,249 shares in the company, valued at $7,845,548.52. This trade represents a 0.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 5,577 shares of company stock worth $121,024 in the last quarter. Corporate insiders own 31.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FLGT. JPMorgan Chase & Co. raised its stake in shares of Fulgent Genetics by 767.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 299,014 shares of the company’s stock valued at $6,758,000 after acquiring an additional 264,524 shares during the period. Allianz Asset Management GmbH increased its holdings in Fulgent Genetics by 119.6% in the 3rd quarter. Allianz Asset Management GmbH now owns 90,869 shares of the company’s stock valued at $2,054,000 after purchasing an additional 49,485 shares in the last quarter. AlphaQuest LLC raised its position in Fulgent Genetics by 95.6% in the third quarter. AlphaQuest LLC now owns 25,025 shares of the company’s stock valued at $566,000 after purchasing an additional 12,231 shares during the period. SG Americas Securities LLC acquired a new position in shares of Fulgent Genetics during the third quarter worth about $433,000. Finally, Caxton Associates LLP lifted its stake in shares of Fulgent Genetics by 7.8% during the second quarter. Caxton Associates LLP now owns 67,761 shares of the company’s stock worth $1,347,000 after purchasing an additional 4,898 shares in the last quarter. Institutional investors and hedge funds own 48.06% of the company’s stock.

Fulgent Genetics Stock Up 16.6%

The firm has a market cap of $796.45 million, a price-to-earnings ratio of -15.81 and a beta of 0.92. The business has a 50 day moving average price of $22.60 and a 200-day moving average price of $20.82.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company’s clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.