Fulgent Genetics (NASDAQ:FLGT) Downgraded to “Hold” Rating by Zacks Research

Fulgent Genetics (NASDAQ:FLGT) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other research analysts have also commented on the stock. Wall Street Zen lowered shares of Fulgent Genetics from a “buy” rating to a “hold” rating in a research note on Saturday, December 13th. Raymond James Financial reiterated an “outperform” rating and issued a $36.00 price objective on shares of Fulgent Genetics in a report on Friday, November 14th. Piper Sandler raised their target price on Fulgent Genetics from $21.00 to $30.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fulgent Genetics in a research report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fulgent Genetics presently has an average rating of “Hold” and a consensus price target of $32.00.

Fulgent Genetics Stock Performance

Shares of NASDAQ FLGT opened at $23.06 on Monday. The business has a 50 day simple moving average of $26.92 and a 200 day simple moving average of $24.57. Fulgent Genetics has a 52 week low of $14.57 and a 52 week high of $31.04. The stock has a market cap of $712.83 million, a price-to-earnings ratio of -16.59 and a beta of 0.86.

Insider Buying and Selling at Fulgent Genetics

In other Fulgent Genetics news, COO Jian Xie sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $29.10, for a total transaction of $291,000.00. Following the completion of the transaction, the chief operating officer owned 349,768 shares of the company’s stock, valued at $10,178,248.80. The trade was a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Hanlin Gao sold 1,075 shares of the company’s stock in a transaction dated 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 trade represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 15,572 shares of company stock worth $454,112 in the last quarter. Insiders own 33.11% of the company’s stock.

Institutional Trading of Fulgent Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Fulgent Genetics by 2,984,354.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company’s stock worth $39,985,000 after buying an additional 1,522,021 shares during the last quarter. Millennium Management LLC grew its position in Fulgent Genetics by 1.8% in the 3rd quarter. Millennium Management LLC now owns 1,468,844 shares of the company’s stock worth $33,196,000 after purchasing an additional 26,582 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Fulgent Genetics by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 1,179,254 shares of the company’s stock worth $26,651,000 after purchasing an additional 13,295 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Fulgent Genetics by 38.7% during the 2nd quarter. Acadian Asset Management LLC now owns 1,117,917 shares of the company’s stock worth $22,208,000 after purchasing an additional 311,976 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Fulgent Genetics by 1.6% during the second quarter. Geode Capital Management LLC now owns 513,343 shares of the company’s stock valued at $10,207,000 after buying an additional 8,105 shares during the last quarter. Institutional investors and hedge funds own 48.06% of the company’s stock.

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.