Fulgent Genetics (NASDAQ:FLGT) Rating Lowered to Sell at Zacks Investment Research


Share on StockTwits

Fulgent Genetics (NASDAQ:FLGT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “sell” 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. “

A number of other research analysts have also commented on the company. Piper Sandler upped their target price on Fulgent Genetics from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Thursday, March 11th. Oppenheimer lifted their target price on shares of Fulgent Genetics from $75.00 to $130.00 and gave the company an “outperform” rating in a research report on Monday, February 1st. Finally, Credit Suisse Group lowered shares of Fulgent Genetics from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $42.00 to $40.00 in a research report on Friday, January 8th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $84.83.

Shares of Fulgent Genetics stock opened at $85.60 on Tuesday. Fulgent Genetics has a 1 year low of $9.22 and a 1 year high of $189.89. The company’s fifty day simple moving average is $105.30 and its 200-day simple moving average is $70.41. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 42.38 and a beta of 1.92.

Fulgent Genetics (NASDAQ:FLGT) last posted its quarterly earnings data on Wednesday, March 3rd. The company reported $6.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.36 by $1.84. Fulgent Genetics had a net margin of 35.31% and a return on equity of 43.81%. The company had revenue of $294.98 million for the quarter, compared to the consensus estimate of $199.38 million. The business’s revenue was up 3417.1% on a year-over-year basis. On average, analysts anticipate that Fulgent Genetics will post 4.08 earnings per share for the current year.

In other news, COO Jian Xie sold 62,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 9th. The stock was sold at an average price of $102.65, for a total value of $6,364,300.00. Following the transaction, the chief operating officer now directly owns 345,476 shares of the company’s stock, valued at approximately $35,463,111.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John C. Bolger sold 3,374 shares of the business’s stock in a transaction that occurred on Tuesday, March 9th. The stock was sold at an average price of $101.62, for a total value of $342,865.88. Following the completion of the transaction, the director now directly owns 1,312 shares in the company, valued at $133,325.44. The disclosure for this sale can be found here. 45.00% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. Everence Capital Management Inc. bought a new position in shares of Fulgent Genetics in the first quarter valued at about $282,000. Valley Brook Capital Group bought a new position in shares of Fulgent Genetics in the fourth quarter worth about $26,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Fulgent Genetics during the fourth quarter worth approximately $1,771,000. Dimensional Fund Advisors LP grew its stake in shares of Fulgent Genetics by 17.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 115,215 shares of the company’s stock valued at $6,003,000 after purchasing an additional 17,470 shares during the last quarter. Finally, Capital Asset Advisory Services LLC acquired a new stake in shares of Fulgent Genetics in the fourth quarter valued at approximately $34,000. Institutional investors own 33.39% of the company’s stock.

About Fulgent Genetics

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.

Featured Story: How to build a Fibonacci channel

Get a free copy of the Zacks research report on Fulgent Genetics (FLGT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Fulgent Genetics (NASDAQ:FLGT)

Receive News & Ratings for Fulgent Genetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fulgent Genetics and related companies with MarketBeat.com's FREE daily email newsletter.