Fulgent Genetics (NASDAQ:FLGT) Lifted to Hold at Zacks Investment Research

Fulgent Genetics (NASDAQ:FLGT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

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 weighed in on FLGT. Oppenheimer raised their target price on shares of Fulgent Genetics from $75.00 to $130.00 and gave the company an “outperform” rating in a research note on Monday, February 1st. Credit Suisse Group lowered shares of Fulgent Genetics from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $42.00 to $40.00 in a research report on Friday, January 8th. Finally, Piper Sandler raised their target price on shares of Fulgent Genetics from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, March 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $84.83.

FLGT traded down $2.34 during trading on Tuesday, hitting $74.14. 1,343,145 shares of the company traded hands, compared to its average volume of 1,853,997. The company has a market cap of $2.15 billion, a PE ratio of 36.70 and a beta of 1.92. The stock’s 50-day simple moving average is $92.81 and its two-hundred day simple moving average is $76.38. Fulgent Genetics has a 1 year low of $12.36 and a 1 year high of $189.89.

Fulgent Genetics (NASDAQ:FLGT) last posted its earnings results on Wednesday, March 3rd. The company reported $6.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.36 by $1.84. The company had revenue of $294.98 million during the quarter, compared to analysts’ expectations of $199.38 million. Fulgent Genetics had a net margin of 35.31% and a return on equity of 43.81%. The firm’s revenue was up 3417.1% compared to the same quarter last year. Analysts anticipate that Fulgent Genetics will post 4.08 earnings per share for the current fiscal year.

In other Fulgent Genetics news, Director John C. Bolger sold 3,374 shares of the firm’s stock in a transaction dated Tuesday, March 9th. The shares were sold at an average price of $101.62, for a total transaction of $342,865.88. Following the transaction, the director now owns 1,312 shares of the company’s stock, valued at approximately $133,325.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jian Xie sold 62,000 shares of the firm’s stock in a transaction dated Tuesday, March 9th. The shares were sold at an average price of $102.65, for a total transaction of $6,364,300.00. Following the transaction, the chief operating officer now directly owns 345,476 shares in the company, valued at approximately $35,463,111.40. The disclosure for this sale can be found here. Company insiders own 45.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of FLGT. BlackRock Inc. grew its position in shares of Fulgent Genetics by 25.1% in the 4th quarter. BlackRock Inc. now owns 1,984,867 shares of the company’s stock worth $103,411,000 after buying an additional 398,049 shares during the last quarter. Nepsis Inc. purchased a new position in shares of Fulgent Genetics in the 4th quarter worth approximately $13,114,000. Morgan Stanley grew its position in shares of Fulgent Genetics by 126.0% in the 4th quarter. Morgan Stanley now owns 265,247 shares of the company’s stock worth $13,819,000 after buying an additional 147,894 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Fulgent Genetics by 1,138.7% in the 4th quarter. JPMorgan Chase & Co. now owns 117,316 shares of the company’s stock worth $6,113,000 after buying an additional 107,845 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Fulgent Genetics by 40.1% in the 4th quarter. Bank of New York Mellon Corp now owns 136,483 shares of the company’s stock worth $7,111,000 after buying an additional 39,052 shares during the last quarter. 33.39% of the stock is currently owned by institutional investors and hedge funds.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides COVID-19 testing and genetic testing services to physicians with clinically actionable diagnostic information. Its technology platform integrates data comparison and suppression algorithms, adaptive learning software, and genetic diagnostics tools and integrated laboratory processes.

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