Fulgent Genetics (NASDAQ:FLGT) Releases Earnings Results, Beats Expectations By $0.05 EPS

Fulgent Genetics (NASDAQ:FLGT – Get Rating) issued its quarterly earnings data on Thursday. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.05, Briefing.com reports. Fulgent Genetics had a net margin of 48.32% and a return on equity of 41.13%. The business had revenue of $125.30 million during the quarter, compared to analysts’ expectations of $122.70 million. During the same period in the previous year, the company earned $2.47 earnings per share. Fulgent Genetics’s revenue for the quarter was down 18.4% on a year-over-year basis. Fulgent Genetics updated its Q3 2022 guidance to EPS and its FY 2022 guidance to $6.00-$6.00 EPS.

Fulgent Genetics Trading Down 6.1 %

NASDAQ:FLGT traded down $3.88 during trading hours on Friday, hitting $59.86. 417,490 shares of the company traded hands, compared to its average volume of 401,285. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 4.05 and a beta of 1.47. Fulgent Genetics has a twelve month low of $47.34 and a twelve month high of $112.00. The firm has a 50-day moving average of $55.73 and a 200 day moving average of $58.34.

Insider Activity at Fulgent Genetics

In other Fulgent Genetics news, CFO Paul Kim sold 1,191 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $53.38, for a total value of $63,575.58. Following the sale, the chief financial officer now owns 153,577 shares of the company’s stock, valued at approximately $8,197,940.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Fulgent Genetics news, CFO Paul Kim sold 1,191 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $53.38, for a total value of $63,575.58. Following the sale, the chief financial officer now owns 153,577 shares of the company’s stock, valued at approximately $8,197,940.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jian Xie sold 1,269 shares of the business’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $53.38, for a total transaction of $67,739.22. Following the completion of the sale, the chief operating officer now directly owns 329,701 shares in the company, valued at approximately $17,599,439.38. The disclosure for this sale can be found here. Insiders sold a total of 3,200 shares of company stock worth $171,530 in the last ninety days. 29.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fulgent Genetics

Several large investors have recently made changes to their positions in FLGT. Geneos Wealth Management Inc. grew its holdings in shares of Fulgent Genetics by 416.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 491 shares of the company’s stock worth $30,000 after purchasing an additional 396 shares during the last quarter. Graham Capital Management L.P. bought a new stake in shares of Fulgent Genetics in the 1st quarter worth about $294,000. Hsbc Holdings PLC grew its holdings in shares of Fulgent Genetics by 48.0% in the 1st quarter. Hsbc Holdings PLC now owns 5,652 shares of the company’s stock worth $350,000 after purchasing an additional 1,833 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Fulgent Genetics by 7.6% in the 1st quarter. Bank of Montreal Can now owns 6,551 shares of the company’s stock worth $410,000 after purchasing an additional 461 shares during the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of Fulgent Genetics by 58.5% in the 1st quarter. MetLife Investment Management LLC now owns 11,756 shares of the company’s stock worth $734,000 after purchasing an additional 4,339 shares during the last quarter. Institutional investors own 37.61% of the company’s stock.

Analyst Upgrades and Downgrades

FLGT has been the subject of several research analyst reports. TheStreet cut shares of Fulgent Genetics from a “b-” rating to a “c+” rating in a research note on Thursday, July 28th. Piper Sandler cut their target price on shares of Fulgent Genetics from $85.00 to $70.00 in a research note on Sunday, May 15th.

About Fulgent Genetics

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Fulgent Genetics, Inc, together with its subsidiaries, provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients in the United States and internationally. The company offers genetic tests comprising Focus and Comprehensive oncology panels tests; Beacon carrier screening panels test for inherited conditions; solid tumor molecular profiling for somatic cancer testing; rapid whole genome testing for children in NICU and PICU; newborn genetic analysis panel; single front-line test to detect ataxia-related variants and repeat expansions through sequencing; picture genetics, a patient-initiated genetic testing; whole exome and clinical exome panel tests; whole genome, mutation, and repeat expansion testing services, as well as research service tests.