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

Fulgent Genetics (NASDAQ:FLGTGet Rating) issued its earnings results on Thursday. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.05, Briefing.com reports. Fulgent Genetics had a return on equity of 41.13% and a net margin of 48.32%. The company had revenue of $125.30 million during the quarter, compared to the consensus estimate of $122.70 million. During the same quarter in the prior year, the business earned $2.47 earnings per share. The company’s revenue was down 18.4% compared to the same quarter last year. 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 on Friday, hitting $59.86. 417,490 shares of the stock traded hands, compared to its average volume of 401,285. The stock has a 50-day moving average of $55.73 and a 200 day moving average of $58.34. Fulgent Genetics has a twelve month low of $47.34 and a twelve month high of $112.00. The company has a market capitalization of $1.82 billion, a P/E ratio of 4.05 and a beta of 1.47.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FLGT shares. TheStreet cut Fulgent Genetics from a “b-” rating to a “c+” rating in a research note on Thursday, July 28th. Piper Sandler cut their price target on Fulgent Genetics from $85.00 to $70.00 in a research note on Sunday, May 15th.

Insider Buying and Selling at Fulgent Genetics

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

Institutional Trading of Fulgent Genetics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. grew its holdings in 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 buying an additional 396 shares in the last quarter. Graham Capital Management L.P. bought a new position in Fulgent Genetics in the 1st quarter worth approximately $294,000. Hsbc Holdings PLC grew its holdings in 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 buying an additional 1,833 shares in the last quarter. Bank of Montreal Can grew its holdings in 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 buying an additional 461 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in 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 buying an additional 4,339 shares in the last quarter. 37.61% of the stock is currently owned by institutional investors and hedge funds.

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.

See Also

Earnings History for Fulgent Genetics (NASDAQ:FLGT)

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