Fulgent Genetics (NASDAQ:FLGT) Stock Moved Up to Hold by Wall Street Zen

Wall Street Zen upgraded shares of Fulgent Genetics (NASDAQ:FLGT) from a sell rating to a hold rating in a research note released on Saturday,Wall Street Zen reports.

Several other research firms have also commented on FLGT. Piper Sandler increased their target price on Fulgent Genetics from $15.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Weiss Ratings raised Fulgent Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 27th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $27.50.

Fulgent Genetics Stock Up 27.2%

NASDAQ FLGT opened at $23.74 on Friday. Fulgent Genetics has a 52 week low of $13.46 and a 52 week high of $31.04. The stock has a market capitalization of $653.09 million, a PE ratio of -7.68 and a beta of 1.00. The firm has a 50 day moving average of $20.80 and a two-hundred day moving average of $19.31.

Fulgent Genetics (NASDAQ:FLGT) last announced 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 business had revenue of $90.41 million for the quarter, compared to analyst estimates of $86.30 million. Fulgent Genetics had a negative net margin of 27.53% and a negative return on equity of 5.58%. On average, equities research analysts expect that Fulgent Genetics will post -3.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fulgent Genetics news, insider Hanlin Gao sold 1,673 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total value of $32,891.18. Following the transaction, the insider directly owned 986,117 shares in the company, valued at $19,387,060.22. This represents a 0.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 that occurred on Wednesday, September 2nd. The stock was 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 5,932 shares of company stock valued at $117,156 over the last ninety days. 36.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. lifted its holdings in shares of Fulgent Genetics by 25.6% in the 3rd quarter. Alps Advisors Inc. now owns 36,199 shares of the company’s stock valued at $797,000 after purchasing an additional 7,375 shares during the last quarter. Allworth Financial LP boosted its position in shares of Fulgent Genetics by 559.9% in the 2nd quarter. Allworth Financial LP now owns 1,201 shares of the company’s stock valued at $25,000 after purchasing an additional 1,019 shares during the period. Moore Capital Management LP boosted its position in shares of Fulgent Genetics by 4.8% in the 2nd quarter. Moore Capital Management LP now owns 48,343 shares of the company’s stock valued at $992,000 after purchasing an additional 2,219 shares during the period. Empowered Funds LLC purchased a new position in Fulgent Genetics during the 2nd quarter worth approximately $276,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Fulgent Genetics during the 2nd quarter worth approximately $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.