Fulgent Genetic (FLGT) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Fulgent Genetic (NASDAQ:FLGT) from a sell rating to a hold rating in a research note released on Tuesday morning.
According to Zacks, “Fulgent Genetics, Inc. is a technology company. It provide genetic testing services to physicians with clinically actionable diagnostic information. The Company’s technology platform integrates data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory process which serves primarily to hospitals and medical institutions. Fulgent Genetics, Inc. is headquartered in Temple City, California. “
Several other equities analysts have also recently issued reports on the stock. Credit Suisse Group decreased their target price on shares of Fulgent Genetic from $11.00 to $10.00 and set an outperform rating for the company in a research note on Tuesday, August 8th. Piper Jaffray Companies reiterated an overweight rating and issued a $7.00 target price (down from $10.00) on shares of Fulgent Genetic in a research note on Wednesday, August 9th.
Fulgent Genetic (FLGT) traded down 1.03% on Tuesday, reaching $4.79. 15,288 shares of the company’s stock traded hands. Fulgent Genetic has a 12-month low of $4.37 and a 12-month high of $13.90. The stock has a 50 day moving average price of $5.23 and a 200 day moving average price of $5.23. The stock’s market cap is $84.97 million.
Fulgent Genetic (NASDAQ:FLGT) last announced its quarterly earnings data on Monday, August 7th. The company reported $0.02 EPS for the quarter, meeting the consensus estimate of $0.02. Fulgent Genetic had a negative net margin of 0.42% and a negative return on equity of 0.02%. The business had revenue of $4.64 million during the quarter, compared to analysts’ expectations of $5.03 million. Analysts forecast that Fulgent Genetic will post $0.14 EPS for the current year.
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In other Fulgent Genetic news, CFO Paul Kim sold 6,134 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $5.71, for a total transaction of $35,025.14. Following the completion of the transaction, the chief financial officer now directly owns 388,602 shares in the company, valued at $2,218,917.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Several institutional investors have recently added to or reduced their stakes in FLGT. William Blair Investment Management LLC purchased a new stake in shares of Fulgent Genetic during the first quarter worth $6,330,000. Scholtz & Company LLC grew its holdings in shares of Fulgent Genetic by 50.3% during the first quarter. Scholtz & Company LLC now owns 266,705 shares of the company’s stock worth $2,912,000 after buying an additional 89,205 shares in the last quarter. Blair William & Co. IL purchased a new stake in shares of Fulgent Genetic during the first quarter worth $287,000. Bank of New York Mellon Corp purchased a new stake in shares of Fulgent Genetic during the first quarter worth $122,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Fulgent Genetic by 2,046.0% during the first quarter. Wells Fargo & Company MN now owns 10,730 shares of the company’s stock worth $118,000 after buying an additional 10,230 shares in the last quarter. 16.78% of the stock is owned by institutional investors and hedge funds.
About Fulgent Genetic
Fulgent Genetics, Inc is a technology company. The Company offers genetic testing to provide physicians with clinically actionable diagnostic information to improve quality of patient care. The Company has developed a technology platform that integrates data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory processes.
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