Fulgent Genetic (NASDAQ:FLGT) Stock Rating Reaffirmed by Piper Jaffray Companies
Fulgent Genetic (NASDAQ:FLGT)‘s stock had its “overweight” rating restated by investment analysts at Piper Jaffray Companies in a report released on Wednesday. They currently have a $7.00 target price on the stock, down from their previous target price of $10.00. Piper Jaffray Companies’ target price suggests a potential upside of 24.11% from the company’s previous close.
A number of other research firms have also recently commented on FLGT. Zacks Investment Research upgraded shares of Fulgent Genetic from a “sell” rating to a “hold” rating in a research note on Thursday, April 27th. Credit Suisse Group decreased their target price on shares of Fulgent Genetic from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday.
Fulgent Genetic (NASDAQ FLGT) traded up 4.64% during mid-day trading on Wednesday, hitting $5.64. 42,194 shares of the stock traded hands. The stock’s market cap is $99.78 million. Fulgent Genetic has a 1-year low of $4.49 and a 1-year high of $13.90. The company’s 50 day moving average price is $6.44 and its 200-day moving average price is $9.15.
Fulgent Genetic (NASDAQ:FLGT) last posted its quarterly earnings data on Monday, August 7th. The company reported $0.02 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.02. The company had revenue of $4.64 million for the quarter, compared to the consensus estimate of $5.03 million. Fulgent Genetic had a negative net margin of 0.42% and a negative return on equity of 0.02%. Analysts predict that Fulgent Genetic will post $0.16 earnings per share for the current year.
In related news, insider Ming Hsieh acquired 30,000 shares of Fulgent Genetic stock in a transaction dated Tuesday, June 13th. The shares were purchased at an average price of $4.98 per share, for a total transaction of $149,400.00. Following the completion of the transaction, the insider now directly owns 6,459,944 shares in the company, valued at approximately $32,170,521.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Large investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its stake in Fulgent Genetic by 2,046.0% in the first quarter. Wells Fargo & Company MN now owns 10,730 shares of the company’s stock valued at $118,000 after buying an additional 10,230 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Fulgent Genetic during the first quarter valued at about $122,000. Blair William & Co. IL bought a new stake in Fulgent Genetic during the first quarter valued at about $287,000. Scholtz & Company LLC boosted its stake in Fulgent Genetic by 50.3% in the first quarter. Scholtz & Company LLC now owns 266,705 shares of the company’s stock valued at $2,912,000 after buying an additional 89,205 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in Fulgent Genetic by 10.4% in the second quarter. William Blair Investment Management LLC now owns 640,219 shares of the company’s stock valued at $4,091,000 after buying an additional 60,508 shares during the last quarter. Hedge funds and other institutional investors own 19.75% of the company’s stock.
Fulgent Genetic Company Profile
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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