Fulgent Genetics (NASDAQ:FLGT) Upgraded at 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 issued to investors on Saturday morning,Wall Street Zen reports.

FLGT has been the subject of several other reports. Weiss Ratings upgraded shares of Fulgent Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 27th. Piper Sandler boosted their price target on Fulgent Genetics from $15.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. 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 company’s stock. According to MarketBeat.com, Fulgent Genetics has an average rating of “Hold” and a consensus price target of $27.50.

Fulgent Genetics Stock Up 10.2%

NASDAQ:FLGT opened at $26.15 on Friday. The firm’s 50-day moving average price is $20.93 and its 200-day moving average price is $19.30. Fulgent Genetics has a 1-year low of $13.46 and a 1-year high of $31.04.

Fulgent Genetics (NASDAQ:FLGT) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.65) by $0.56. Fulgent Genetics had a negative net margin of 26.05% and a negative return on equity of 4.93%. The company had revenue of $90.41 million during the quarter, compared to analysts’ expectations of $86.30 million. As a group, sell-side analysts predict that Fulgent Genetics will post -3.48 EPS for the current fiscal year.

Insider Activity

In other Fulgent Genetics news, COO Jian Xie sold 2,127 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total transaction of $41,816.82. Following the completion of the sale, the chief operating officer directly owned 359,924 shares in the company, valued at approximately $7,076,105.84. This trade represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hanlin Gao sold 1,673 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total transaction of $32,891.18. Following the sale, the insider owned 986,117 shares of the company’s stock, valued at approximately $19,387,060.22. This represents a 0.17% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 5,932 shares of company stock valued at $117,156. 36.18% of the stock is owned by insiders.

Institutional Investors Weigh In On Fulgent Genetics

Institutional investors have recently made changes to their positions in the company. Alps Advisors Inc. lifted its position in 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 acquiring an additional 7,375 shares in the last quarter. Allworth Financial LP boosted its stake in Fulgent Genetics by 559.9% during 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 last quarter. Moore Capital Management LP increased its holdings 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 worth $992,000 after purchasing an additional 2,219 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Fulgent Genetics in the 2nd quarter worth $276,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Fulgent Genetics in the 2nd quarter worth $1,134,000. Hedge funds and other institutional investors own 48.06% of the company’s stock.

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.