Fulgent Genetics, Inc. (NASDAQ:FLGT) Sees Significant Decrease in Short Interest

Fulgent Genetics, Inc. (NASDAQ:FLGT – Get Rating) was the recipient of a large decrease in short interest in the month of December. As of December 30th, there was short interest totalling 1,020,000 shares, a decrease of 14.3% from the December 15th total of 1,190,000 shares. Approximately 5.5% of the company’s stock are sold short. Based on an average daily trading volume, of 278,900 shares, the days-to-cover ratio is presently 3.7 days.

Analyst Ratings Changes

A number of brokerages have issued reports on FLGT. Piper Sandler lowered shares of Fulgent Genetics from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $65.00 to $40.00 in a research note on Thursday, December 8th. Credit Suisse Group cut their price objective on Fulgent Genetics from $65.00 to $50.00 and set an “outperform” rating for the company in a report on Monday, November 14th. StockNews.com assumed coverage on Fulgent Genetics in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Raymond James initiated coverage on Fulgent Genetics in a research note on Friday, November 18th. They set an “outperform” rating and a $45.00 price target for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $65.00.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Public Sector Pension Investment Board raised its holdings in Fulgent Genetics by 0.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 36,491 shares of the company’s stock worth $1,990,000 after acquiring an additional 301 shares during the period. SummerHaven Investment Management LLC grew its position in shares of Fulgent Genetics by 2.3% in the fourth quarter. SummerHaven Investment Management LLC now owns 13,581 shares of the company’s stock valued at $404,000 after purchasing an additional 304 shares during the last quarter. Texas Permanent School Fund increased its stake in shares of Fulgent Genetics by 2.4% in the third quarter. Texas Permanent School Fund now owns 14,587 shares of the company’s stock worth $556,000 after purchasing an additional 339 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Fulgent Genetics by 416.8% during 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. Finally, Covington Capital Management lifted its position in shares of Fulgent Genetics by 133.3% during the 3rd quarter. Covington Capital Management now owns 700 shares of the company’s stock worth $27,000 after purchasing an additional 400 shares during the last quarter. 43.22% of the stock is owned by institutional investors.

Fulgent Genetics Trading Up 2.4 %

Fulgent Genetics stock opened at $32.63 on Friday. Fulgent Genetics has a 1-year low of $28.53 and a 1-year high of $73.47. The firm’s fifty day simple moving average is $33.16 and its 200-day simple moving average is $41.56. The company has a market capitalization of $960.56 million, a P/E ratio of 3.75 and a beta of 1.55.

Fulgent Genetics (NASDAQ:FLGT – Get Rating) last posted its earnings results on Monday, November 7th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate 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. On average, equities research analysts predict that Fulgent Genetics will post 4.93 earnings per share for the current year.

Fulgent Genetics Company Profile

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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.