10x Genomics (NASDAQ:TXG) Trading Up 7.1% – Time to Buy?

Shares of 10x Genomics (NASDAQ:TXG) traded up 7.1% during trading on Monday . The company traded as high as $55.18 and last traded at $55.70. Approximately 1,006,057 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 2,831,926 shares. The stock had previously closed at $52.03.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Barclays boosted their price target on 10x Genomics from $30.00 to $40.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Stifel Nicolaus set a $50.00 price objective on 10x Genomics in a report on Friday. Canaccord Genuity Group lifted their target price on 10x Genomics from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday. Zacks Research downgraded 10x Genomics from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Finally, Piper Sandler reissued a “neutral” rating and set a $47.00 price target on shares of 10x Genomics in a research report on Monday. Four equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, 10x Genomics currently has a consensus rating of “Hold” and an average target price of $36.08.

10x Genomics Stock Up 11.7%

The business’s 50 day moving average is $39.28 and its 200 day moving average is $27.67. The company has a market cap of $7.38 billion, a P/E ratio of -98.39 and a beta of 2.03.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The business had revenue of $151.04 million for the quarter, compared to the consensus estimate of $146.67 million. 10x Genomics had a negative return on equity of 9.41% and a negative net margin of 12.18%.The business’s revenue was down 12.7% compared to the same quarter last year. During the same period last year, the business posted $0.28 EPS. As a group, equities research analysts forecast that 10x Genomics will post -0.78 EPS for the current year.

Insider Buying and Selling

In other news, insider Benjamin J. Hindson sold 11,595 shares of 10x Genomics stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $24.44, for a total value of $283,381.80. Following the transaction, the insider owned 502,000 shares of the company’s stock, valued at $12,268,880. The trade was a 2.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Shehnaaz Suliman sold 5,723 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $32.63, for a total transaction of $186,741.49. Following the transaction, the director owned 31,722 shares of the company’s stock, valued at approximately $1,035,088.86. This trade represents a 15.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 91,309 shares of company stock worth $2,581,357 over the last ninety days. 8.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 10x Genomics

Institutional investors have recently bought and sold shares of the company. Regent Peak Wealth Advisors LLC purchased a new stake in shares of 10x Genomics during the 2nd quarter valued at $323,000. Tactive Advisors LLC purchased a new position in 10x Genomics during the 2nd quarter worth $479,000. Elevation Wealth Partners LLC increased its position in 10x Genomics by 332.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 1,487 shares of the company’s stock valued at $57,000 after buying an additional 1,143 shares in the last quarter. 55 North Private Wealth LLC purchased a new stake in 10x Genomics in the second quarter valued at about $312,000. Finally, Grant Private Wealth Management Inc acquired a new stake in 10x Genomics in the second quarter worth about $292,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

10x Genomics Company Profile

10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively.

Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations.