Wall Street Zen Upgrades Fulgent Genetics (NASDAQ:FLGT) to Sell

Fulgent Genetics (NASDAQ:FLGT) was upgraded by analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday.

A number of other brokerages also recently weighed in on FLGT. Zacks Research downgraded Fulgent Genetics from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 9th. Piper Sandler restated a “neutral” rating and issued a $15.00 target price (down from $30.00) on shares of Fulgent Genetics in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fulgent Genetics has an average rating of “Hold” and a consensus price target of $27.00.

Fulgent Genetics Stock Down 0.5%

Shares of NASDAQ FLGT opened at $18.14 on Friday. Fulgent Genetics has a twelve month low of $13.46 and a twelve month high of $31.04. The stock’s 50 day moving average price is $16.10 and its 200-day moving average price is $21.91. The company has a market capitalization of $515.18 million, a PE ratio of -7.59 and a beta of 0.88.

Fulgent Genetics (NASDAQ:FLGT) last announced its earnings results on Friday, February 27th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.14. Fulgent Genetics had a negative return on equity of 3.24% and a negative net margin of 23.04%.The firm had revenue of $83.34 million for the quarter, compared to the consensus estimate of $85.38 million. As a group, research analysts expect that Fulgent Genetics will post -2.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Amundi increased its holdings in shares of Fulgent Genetics by 17.1% in the first quarter. Amundi now owns 41,596 shares of the company’s stock worth $661,000 after purchasing an additional 6,072 shares during the period. Quantinno Capital Management LP increased its stake in Fulgent Genetics by 374.7% in the first quarter. Quantinno Capital Management LP now owns 137,479 shares of the company’s stock valued at $2,186,000 after acquiring an additional 108,519 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Fulgent Genetics by 3,217.5% in the first quarter. Public Employees Retirement System of Ohio now owns 33,739 shares of the company’s stock valued at $536,000 after acquiring an additional 32,722 shares during the last quarter. Levin Capital Strategies L.P. bought a new position in Fulgent Genetics in the first quarter valued at $687,000. Finally, Hsbc Holdings PLC increased its stake in Fulgent Genetics by 25.2% in the first quarter. Hsbc Holdings PLC now owns 65,174 shares of the company’s stock valued at $1,031,000 after acquiring an additional 13,118 shares during the last quarter. Institutional investors own 48.06% of the company’s stock.

About Fulgent Genetics

Fulgent Genetics, Inc (NASDAQ: FLGT) is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company’s infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent’s product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.