Fulgent Genetics (NASDAQ:FLGT) Shares Up 20.3% After Better-Than-Expected Earnings

Fulgent Genetics, Inc. (NASDAQ:FLGT)’s share price rose 20.3% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $22.21 and last traded at $22.4450. Approximately 74,076 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 402,347 shares. The stock had previously closed at $18.66.

The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.65) by $0.56. Fulgent Genetics had a negative return on equity of 4.93% and a negative net margin of 26.05%. The business had revenue of $90.41 million during the quarter, compared to analysts’ expectations of $86.30 million.

Analysts Set New Price Targets

FLGT has been the subject of a number of recent research reports. Piper Sandler raised their target price on shares of Fulgent Genetics from $15.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Wall Street Zen upgraded shares of Fulgent Genetics from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 29th. Finally, Weiss Ratings raised shares of Fulgent Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 27th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $27.50.

Insider Buying and Selling

In other news, insider Hanlin Gao sold 1,673 shares of Fulgent Genetics stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total value of $32,891.18. Following the completion of the transaction, the insider owned 986,117 shares in the company, valued at approximately $19,387,060.22. The trade was a 0.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,127 shares of Fulgent Genetics stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total value of $41,816.82. Following the completion of the transaction, the chief operating officer owned 359,924 shares of the company’s stock, valued at approximately $7,076,105.84. This trade represents a 0.59% decrease in their position. 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. Over the last 90 days, insiders have sold 5,932 shares of company stock worth $117,156. Company insiders own 36.18% of the company’s stock.

Institutional Trading of Fulgent Genetics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Fulgent Genetics in the second quarter worth $46,922,000. Medina Value Partners LLC purchased a new position in Fulgent Genetics during the second quarter worth $3,961,612. Quantinno Capital Management LP increased its position in Fulgent Genetics by 374.7% during the first quarter. Quantinno Capital Management LP now owns 137,479 shares of the company’s stock valued at $2,186,000 after acquiring an additional 108,519 shares during the last quarter. Bank of America Corp DE bought a new position in Fulgent Genetics during the second quarter valued at $3,603,000. Finally, Public Employees Retirement System of Ohio bought a new position in Fulgent Genetics during the second quarter valued at $1,134,000. Hedge funds and other institutional investors own 48.06% of the company’s stock.

Fulgent Genetics Stock Up 20.5%

The firm has a market cap of $618.78 million, a PE ratio of -7.96 and a beta of 1.00. The company’s 50 day moving average price is $20.73 and its two-hundred day moving average price is $19.33.

Fulgent Genetics Company Profile

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.