Fulgent Genetics (NASDAQ:FLGT) Hits New 12-Month Low – Should You Sell?

Fulgent Genetics, Inc. (NASDAQ:FLGT)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $18.72 and last traded at $18.72, with a volume of 173190 shares trading hands. The stock had previously closed at $19.16.

Analyst Ratings Changes

FLGT has been the subject of several recent analyst reports. StockNews.com downgraded Fulgent Genetics from a “hold” rating to a “sell” rating in a report on Monday. Piper Sandler decreased their target price on Fulgent Genetics from $26.00 to $22.00 and set a “neutral” rating on the stock in a research report on Monday.

Fulgent Genetics Stock Performance

The business’s 50 day simple moving average is $20.85 and its two-hundred day simple moving average is $21.42.

Insider Buying and Selling at Fulgent Genetics

In other news, CEO Ming Hsieh sold 2,313 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $22.83, for a total transaction of $52,805.79. Following the completion of the transaction, the chief executive officer now directly owns 707,275 shares in the company, valued at $16,147,088.25. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 4,324 shares of company stock worth $98,717. 31.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Caxton Associates LP bought a new stake in shares of Fulgent Genetics during the 2nd quarter valued at about $492,000. Divisadero Street Capital Management LP boosted its stake 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 worth $9,912,000 after acquiring an additional 160,212 shares in the last quarter. Algert Global LLC grew its holdings in Fulgent Genetics by 46.1% in the second quarter. Algert Global LLC now owns 81,440 shares of the company’s stock worth $1,598,000 after purchasing an additional 25,680 shares during the period. Acadian Asset Management LLC increased its stake in Fulgent Genetics by 593.5% in the second quarter. Acadian Asset Management LLC now owns 62,724 shares of the company’s stock valued at $1,227,000 after purchasing an additional 53,680 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Fulgent Genetics during the 1st quarter worth about $178,000. Institutional investors 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.