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

Fulgent Genetics, Inc. (NASDAQ:FLGTGet 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:FLGTGet 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

(Get Rating)

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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