Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in Fulgent Genetics, Inc. $FLGT

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Fulgent Genetics, Inc. (NASDAQ:FLGT) by 22.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 305,180 shares of the company’s stock after buying an additional 55,521 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Fulgent Genetics were worth $6,067,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Signaturefd LLC lifted its position in shares of Fulgent Genetics by 60.4% during the 2nd quarter. Signaturefd LLC now owns 1,914 shares of the company’s stock valued at $38,000 after buying an additional 721 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Fulgent Genetics by 122.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,562 shares of the company’s stock worth $60,000 after acquiring an additional 1,963 shares in the last quarter. State of Wyoming raised its position in Fulgent Genetics by 111.1% during the first quarter. State of Wyoming now owns 6,564 shares of the company’s stock worth $111,000 after acquiring an additional 3,455 shares during the period. Headlands Technologies LLC lifted its holdings in Fulgent Genetics by 8.0% during the first quarter. Headlands Technologies LLC now owns 7,041 shares of the company’s stock valued at $119,000 after purchasing an additional 524 shares in the last quarter. Finally, Easterly Investment Partners LLC purchased a new position in Fulgent Genetics during the first quarter valued at $198,000. 48.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fulgent Genetics

In other news, COO Jian Xie sold 1,199 shares of Fulgent Genetics stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $21.48, for a total transaction of $25,754.52. Following the transaction, the chief operating officer owned 365,249 shares in the company, valued at $7,845,548.52. The trade was a 0.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders sold 5,577 shares of company stock worth $121,024. 33.11% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Fulgent Genetics in a research note on Wednesday, October 8th. Piper Sandler lifted their price objective on Fulgent Genetics from $21.00 to $30.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, UBS Group raised Fulgent Genetics from a “neutral” rating to a “buy” rating and increased their target price for the company from $20.00 to $30.00 in a report on Tuesday, August 5th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $28.33.

Fulgent Genetics Price Performance

Shares of Fulgent Genetics stock opened at $29.08 on Thursday. The stock’s 50 day simple moving average is $23.04 and its 200-day simple moving average is $21.09. The stock has a market cap of $890.11 million, a P/E ratio of -17.52 and a beta of 0.92. Fulgent Genetics, Inc. has a 1-year low of $14.57 and a 1-year high of $29.47.

Fulgent Genetics (NASDAQ:FLGT) last posted its quarterly earnings results on Friday, November 7th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of ($0.22) by $0.36. The firm had revenue of $84.07 million during the quarter, compared to analysts’ expectations of $81.43 million. 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. As a group, research analysts expect that Fulgent Genetics, Inc. will post -0.85 EPS for the current fiscal year.

Fulgent Genetics 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.