Fulgent Genetics, Inc. (NASDAQ:FLGT) Receives $32.00 Consensus PT from Brokerages

Fulgent Genetics, Inc. (NASDAQ:FLGT) has been given an average rating of “Moderate Buy” by the five brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $32.00.

A number of research analysts have commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Fulgent Genetics in a research report on Thursday, January 22nd. Wall Street Zen lowered shares of Fulgent Genetics from a “buy” rating to a “hold” rating in a report on Saturday, December 13th. Piper Sandler boosted their price target on shares of Fulgent Genetics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Raymond James Financial restated an “outperform” rating and set a $36.00 price target on shares of Fulgent Genetics in a research report on Friday, November 14th. Finally, Zacks Research upgraded Fulgent Genetics from a “hold” rating to a “strong-buy” rating in a report on Friday, January 9th.

Fulgent Genetics Stock Performance

Shares of NASDAQ:FLGT opened at $22.95 on Friday. The firm has a market capitalization of $709.38 million, a PE ratio of -16.51 and a beta of 0.86. Fulgent Genetics has a 52-week low of $14.57 and a 52-week high of $31.04. The firm has a fifty day moving average of $27.02 and a 200 day moving average of $24.54.

Fulgent Genetics (NASDAQ:FLGT) last released its quarterly earnings results on Friday, November 7th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.36. Fulgent Genetics had a negative return on equity of 2.55% and a negative net margin of 13.62%.The business had revenue of $84.07 million for the quarter, compared to the consensus estimate of $81.43 million. On average, sell-side analysts forecast that Fulgent Genetics will post -0.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Jian Xie sold 10,000 shares of Fulgent Genetics stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $29.10, for a total value of $291,000.00. Following the transaction, the chief operating officer directly owned 349,768 shares of the company’s stock, valued at $10,178,248.80. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hanlin Gao sold 1,075 shares of the company’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $28.33, for a total transaction of $30,454.75. Following the sale, the insider owned 952,890 shares of the company’s stock, valued at $26,995,373.70. This represents a 0.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 15,572 shares of company stock worth $454,112 over the last ninety days. Insiders own 33.11% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

A number of hedge funds have recently modified their holdings of FLGT. Amundi raised its stake in shares of Fulgent Genetics by 289.2% during the first quarter. Amundi now owns 34,316 shares of the company’s stock valued at $583,000 after acquiring an additional 25,500 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Fulgent Genetics by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 202,820 shares of the company’s stock valued at $3,428,000 after purchasing an additional 45,279 shares during the period. Allianz Asset Management GmbH bought a new position in Fulgent Genetics during the 2nd quarter valued at approximately $823,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Fulgent Genetics in the 2nd quarter worth approximately $662,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Fulgent Genetics by 22.2% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 305,180 shares of the company’s stock worth $6,067,000 after buying an additional 55,521 shares during the last quarter. Hedge funds and other institutional investors own 48.06% of the company’s stock.

Fulgent Genetics Company Profile

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.