Fulgent Genetics (NASDAQ:FLGT) Reaches New 12-Month High – Still a Buy?

Fulgent Genetics, Inc. (NASDAQ:FLGT) shares hit a new 52-week high on Monday . The company traded as high as $30.63 and last traded at $30.42, with a volume of 97179 shares trading hands. The stock had previously closed at $30.00.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FLGT shares. Wall Street Zen raised shares of Fulgent Genetics from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Raymond James Financial reiterated an “outperform” rating and issued a $36.00 target price on shares of Fulgent Genetics in a report on Friday, November 14th. Piper Sandler upped their price target on Fulgent Genetics from $21.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Fulgent Genetics in a research report on Wednesday, October 8th. Finally, UBS Group raised Fulgent Genetics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $30.00 in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $32.00.

Fulgent Genetics Stock Performance

The company’s 50-day moving average price is $24.04 and its 200-day moving average price is $21.63. The firm has a market capitalization of $946.68 million, a PE ratio of -18.45 and a beta of 0.92.

Fulgent Genetics (NASDAQ:FLGT) last announced its quarterly earnings results on Friday, November 7th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.36. Fulgent Genetics had a negative return on equity of 2.26% and a negative net margin of 16.83%.The company had revenue of $84.07 million during the quarter, compared to the consensus estimate of $81.43 million. Fulgent Genetics has set its FY 2025 guidance at 0.300-0.300 EPS. As a group, analysts anticipate that Fulgent Genetics, Inc. will post -0.85 earnings per share for the current year.

Insider Activity

In other Fulgent Genetics news, COO Jian Xie sold 10,000 shares of Fulgent Genetics stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $29.10, for a total value of $291,000.00. Following the transaction, the chief operating officer directly owned 349,768 shares in the company, valued at approximately $10,178,248.80. The trade was a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 14,333 shares of company stock worth $385,278 in the last 90 days. Company insiders own 31.76% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC increased its holdings in shares of Fulgent Genetics by 124.0% in the 1st quarter. Acadian Asset Management LLC now owns 805,941 shares of the company’s stock valued at $13,611,000 after purchasing an additional 446,076 shares in the last quarter. Millennium Management LLC grew its stake in Fulgent Genetics by 28.6% in the 1st quarter. Millennium Management LLC now owns 1,969,433 shares of the company’s stock worth $33,283,000 after acquiring an additional 437,632 shares during the period. JPMorgan Chase & Co. increased its stake in Fulgent Genetics by 767.0% in the third quarter. JPMorgan Chase & Co. now owns 299,014 shares of the company’s stock valued at $6,758,000 after purchasing an additional 264,524 shares during the last quarter. Diametric Capital LP acquired a new position in shares of Fulgent Genetics during the 2nd quarter valued at about $3,359,000. Finally, Cubist Systematic Strategies LLC raised its stake in Fulgent Genetics by 299.4% during the first quarter. Cubist Systematic Strategies LLC now owns 221,221 shares of the company’s stock worth $3,739,000 after purchasing an additional 165,828 shares during the period. Institutional investors and hedge funds own 48.06% of the company’s stock.

About Fulgent Genetics

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company’s clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.