Fulgent Genetics (NASDAQ:FLGT) Updates FY 2022 Earnings Guidance

Fulgent Genetics (NASDAQ:FLGTGet Rating) updated its FY 2022 earnings guidance on Monday. The company provided earnings per share guidance of $5.60-$5.60 for the period, compared to the consensus earnings per share estimate of $5.80. The company issued revenue guidance of $611.00 million-$611.00 million, compared to the consensus revenue estimate of $623.66 million. Fulgent Genetics also updated its Q4 2022 guidance to EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. StockNews.com assumed coverage on Fulgent Genetics in a report on Wednesday, October 12th. They set a hold rating for the company. Raymond James began coverage on Fulgent Genetics in a research note on Friday. They issued an outperform rating and a $45.00 price target for the company. Piper Sandler cut their price target on Fulgent Genetics from $70.00 to $65.00 and set an overweight rating for the company in a research note on Monday, November 14th. TheStreet cut Fulgent Genetics from a b- rating to a c+ rating in a research note on Thursday, July 28th. Finally, Credit Suisse Group cut their price target on Fulgent Genetics from $65.00 to $50.00 and set an outperform rating for the company in a research note on Monday, November 14th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Fulgent Genetics currently has a consensus rating of Moderate Buy and a consensus target price of $71.25.

Fulgent Genetics Price Performance

Shares of FLGT opened at $36.71 on Tuesday. Fulgent Genetics has a one year low of $31.07 and a one year high of $109.55. The company has a market cap of $1.08 billion, a P/E ratio of 4.22 and a beta of 1.54. The firm has a 50 day simple moving average of $38.17 and a two-hundred day simple moving average of $47.78.

Fulgent Genetics (NASDAQ:FLGTGet Rating) last announced its quarterly earnings data on Monday, November 7th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.13. Fulgent Genetics had a net margin of 33.82% and a return on equity of 22.10%. The business had revenue of $105.66 million during the quarter, compared to the consensus estimate of $103.70 million. On average, analysts expect that Fulgent Genetics will post 4.93 earnings per share for the current fiscal year.

Insider Transactions at Fulgent Genetics

In other news, COO Jian Xie sold 675 shares of the company’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $44.18, for a total transaction of $29,821.50. Following the completion of the transaction, the chief operating officer now directly owns 309,729 shares in the company, valued at $13,683,827.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Paul Kim sold 662 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $41.39, for a total value of $27,400.18. Following the completion of the sale, the chief financial officer now directly owns 149,507 shares in the company, valued at $6,188,094.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jian Xie sold 675 shares of the stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $44.18, for a total value of $29,821.50. Following the completion of the sale, the chief operating officer now owns 309,729 shares of the company’s stock, valued at $13,683,827.22. The disclosure for this sale can be found here. Company insiders own 29.50% of the company’s stock.

Institutional Trading of Fulgent Genetics

A number of institutional investors and hedge funds have recently bought and sold shares of FLGT. BlackRock Inc. increased its holdings in Fulgent Genetics by 4.5% in the third quarter. BlackRock Inc. now owns 3,484,339 shares of the company’s stock valued at $132,825,000 after purchasing an additional 149,014 shares during the period. Renaissance Technologies LLC increased its holdings in Fulgent Genetics by 1,533.3% in the first quarter. Renaissance Technologies LLC now owns 102,900 shares of the company’s stock valued at $6,422,000 after purchasing an additional 96,600 shares during the period. Goldman Sachs Group Inc. increased its holdings in Fulgent Genetics by 247.1% in the first quarter. Goldman Sachs Group Inc. now owns 117,537 shares of the company’s stock valued at $7,336,000 after purchasing an additional 83,678 shares during the period. State Street Corp increased its holdings in Fulgent Genetics by 11.3% in the first quarter. State Street Corp now owns 696,083 shares of the company’s stock valued at $43,443,000 after purchasing an additional 70,764 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Fulgent Genetics by 318.5% in the first quarter. JPMorgan Chase & Co. now owns 78,457 shares of the company’s stock valued at $4,896,000 after purchasing an additional 59,711 shares during the period. 43.22% 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.

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Earnings History and Estimates for Fulgent Genetics (NASDAQ:FLGT)

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