Jian Xie Sells 1,201 Shares of Fulgent Genetics (NASDAQ:FLGT) Stock

Fulgent Genetics, Inc. (NASDAQ:FLGT) COO Jian Xie sold 1,201 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $17.60, for a total transaction of $21,137.60. Following the sale, the chief operating officer owned 369,751 shares of the company’s stock, valued at $6,507,617.60. This trade represents a 0.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Fulgent Genetics Stock Performance

Shares of FLGT opened at $18.14 on Friday. Fulgent Genetics, Inc. has a fifty-two week low of $13.46 and a fifty-two week high of $31.04. The company has a market capitalization of $515.18 million, a price-to-earnings ratio of -7.59 and a beta of 0.88. The firm has a 50-day simple moving average of $16.10 and a 200-day simple moving average of $21.91.

Fulgent Genetics (NASDAQ:FLGT) last announced its earnings results on Friday, February 27th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.14. Fulgent Genetics had a negative net margin of 23.04% and a negative return on equity of 3.24%. The business had revenue of $83.34 million during the quarter, compared to the consensus estimate of $85.38 million. Equities research analysts forecast that Fulgent Genetics, Inc. will post -2.81 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH raised its holdings in Fulgent Genetics by 119.6% during the third quarter. Allianz Asset Management GmbH now owns 90,869 shares of the company’s stock worth $2,054,000 after purchasing an additional 49,485 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Fulgent Genetics by 767.0% in the third quarter. JPMorgan Chase & Co. now owns 299,014 shares of the company’s stock valued at $6,758,000 after buying an additional 264,524 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in Fulgent Genetics in the fourth quarter valued at about $1,739,000. UBS Group AG increased its holdings in Fulgent Genetics by 288.8% in the fourth quarter. UBS Group AG now owns 83,559 shares of the company’s stock valued at $2,195,000 after buying an additional 62,070 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Fulgent Genetics by 2,984,354.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company’s stock valued at $39,985,000 after buying an additional 1,522,021 shares in the last quarter. 48.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Zacks Research downgraded shares of Fulgent Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Piper Sandler reiterated a “neutral” rating and set a $15.00 target price (down from $30.00) on shares of Fulgent Genetics in a research note on Tuesday, May 5th. Finally, Wall Street Zen raised shares of Fulgent Genetics from a “strong sell” rating to a “sell” rating in a report on Saturday. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Fulgent Genetics currently has a consensus rating of “Hold” and an average target price of $27.00.

About Fulgent Genetics

Fulgent Genetics, Inc (NASDAQ: FLGT) is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company’s infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent’s product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.