Fulgent Genetics (NASDAQ:FLGT) Earns Outperform Rating from Analysts at Raymond James

Raymond James started coverage on shares of Fulgent Genetics (NASDAQ:FLGTGet Rating) in a research note released on Friday morning, The Fly reports. The brokerage issued an outperform rating and a $45.00 target price on the stock.

Several other equities analysts also recently weighed in on the company. Piper Sandler dropped their target price on Fulgent Genetics from $70.00 to $65.00 and set an overweight rating for the company in a research report on Monday, November 14th. TheStreet cut shares of Fulgent Genetics from a b- rating to a c+ rating in a research report on Thursday, July 28th. Credit Suisse Group cut their price objective on Fulgent Genetics from $65.00 to $50.00 and set an outperform rating on the stock in a research report on Monday, November 14th. Finally, StockNews.com started coverage on Fulgent Genetics in a report on Wednesday, October 12th. They issued a hold rating for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $71.25.

Fulgent Genetics Trading Up 3.2 %

Shares of NASDAQ:FLGT opened at $37.05 on Friday. The business has a 50-day moving average price of $38.33 and a 200 day moving average price of $47.91. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 4.26 and a beta of 1.54. Fulgent Genetics has a 12-month low of $31.07 and a 12-month high of $109.55.

Fulgent Genetics (NASDAQ:FLGTGet Rating) last announced its earnings results on Monday, November 7th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.13. Fulgent Genetics had a return on equity of 22.10% and a net margin of 33.82%. The company had revenue of $105.66 million for the quarter, compared to analyst estimates of $103.70 million. As a group, equities research analysts predict that Fulgent Genetics will post 4.93 earnings per share for the current fiscal year.

Insider Transactions at Fulgent Genetics

In other Fulgent Genetics news, COO Jian Xie sold 675 shares of the firm’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $44.18, for a total value of $29,821.50. Following the sale, the chief operating officer now directly owns 309,729 shares in the company, valued at $13,683,827.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Paul Kim sold 662 shares of the company’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $41.39, for a total value of $27,400.18. Following the completion of the transaction, the chief financial officer now owns 149,507 shares in the company, valued at approximately $6,188,094.73. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Jian Xie sold 675 shares of Fulgent Genetics stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $44.18, for a total transaction of $29,821.50. Following the sale, the chief operating officer now owns 309,729 shares in the company, valued at $13,683,827.22. The disclosure for this sale can be found here. Corporate insiders own 29.50% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

Several hedge funds have recently made changes to their positions in the company. Covington Capital Management lifted its holdings in shares of Fulgent Genetics by 133.3% in the 3rd quarter. Covington Capital Management now owns 700 shares of the company’s stock valued at $27,000 after purchasing an additional 400 shares during the last quarter. Total Clarity Wealth Management Inc. acquired a new stake in shares of Fulgent Genetics in the second quarter valued at approximately $29,000. Geneos Wealth Management Inc. grew its position in shares of Fulgent Genetics by 416.8% during the first quarter. Geneos Wealth Management Inc. now owns 491 shares of the company’s stock worth $30,000 after acquiring an additional 396 shares during the last quarter. Ronald Blue Trust Inc. increased its holdings in shares of Fulgent Genetics by 1,114.0% in the 3rd quarter. Ronald Blue Trust Inc. now owns 607 shares of the company’s stock valued at $33,000 after acquiring an additional 557 shares during the period. Finally, Nisa Investment Advisors LLC purchased a new stake in Fulgent Genetics in the 1st quarter valued at $44,000. Hedge funds and other institutional investors own 43.22% of the company’s stock.

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.

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