Fulgent Genetics (NASDAQ:FLGT) Hits New 12-Month Low – Here’s Why

Fulgent Genetics, Inc. (NASDAQ:FLGT)’s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $18.86 and last traded at $18.88, with a volume of 55579 shares. The stock had previously closed at $19.18.

Fulgent Genetics Stock Down 1.3 %

The business’s 50 day moving average is $21.61 and its 200-day moving average is $21.44. The firm has a market capitalization of $566.46 million, a P/E ratio of -3.44 and a beta of 1.50.

Fulgent Genetics (NASDAQ:FLGT) last posted its earnings results on Friday, August 2nd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.45. The firm had revenue of $71.03 million for the quarter, compared to analysts’ expectations of $69.07 million. Fulgent Genetics had a negative net margin of 56.22% and a negative return on equity of 2.75%. The company’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.33) earnings per share. Research analysts forecast that Fulgent Genetics, Inc. will post -1.46 EPS for the current fiscal year.

Insider Activity at Fulgent Genetics

In related news, CEO Ming Hsieh sold 2,313 shares of Fulgent Genetics stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $22.83, for a total value of $52,805.79. Following the transaction, the chief executive officer now directly owns 707,275 shares of the company’s stock, valued at $16,147,088.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 4,324 shares of company stock worth $98,717 over the last three months. Company insiders own 31.76% of the company’s stock.

Institutional Investors Weigh In On Fulgent Genetics

A number of hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC raised its stake in shares of Fulgent Genetics by 34.3% in the second quarter. Millennium Management LLC now owns 958,852 shares of the company’s stock worth $18,813,000 after purchasing an additional 244,981 shares during the last quarter. Divisadero Street Capital Management LP grew its holdings in Fulgent Genetics by 46.4% during the second quarter. Divisadero Street Capital Management LP now owns 505,212 shares of the company’s stock valued at $9,912,000 after purchasing an additional 160,212 shares during the period. Bank of New York Mellon Corp raised its stake in Fulgent Genetics by 37.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 201,201 shares of the company’s stock valued at $3,948,000 after acquiring an additional 55,020 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Fulgent Genetics by 593.5% during the 2nd quarter. Acadian Asset Management LLC now owns 62,724 shares of the company’s stock valued at $1,227,000 after buying an additional 53,680 shares in the last quarter. Finally, Acuitas Investments LLC bought a new position in shares of Fulgent Genetics in the second quarter worth $962,000. Institutional investors and hedge funds own 48.06% of the company’s stock.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company’s clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.