Hsbc Holdings PLC Decreases Holdings in Fulgent Genetics, Inc. $FLGT

Hsbc Holdings PLC trimmed its holdings in Fulgent Genetics, Inc. (NASDAQ:FLGT) by 32.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 52,056 shares of the company’s stock after selling 25,257 shares during the quarter. Hsbc Holdings PLC owned 0.17% of Fulgent Genetics worth $1,369,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in FLGT. Northwestern Mutual Wealth Management Co. raised its position in Fulgent Genetics by 2,984,354.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company’s stock worth $39,985,000 after purchasing an additional 1,522,021 shares during the period. RTW Investments LP purchased a new position in Fulgent Genetics in the 4th quarter worth approximately $18,521,000. JPMorgan Chase & Co. increased its stake in Fulgent Genetics by 767.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 299,014 shares of the company’s stock worth $6,758,000 after purchasing an additional 264,524 shares during the period. Goldman Sachs Group Inc. lifted its position in Fulgent Genetics by 89.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 348,533 shares of the company’s stock valued at $9,156,000 after purchasing an additional 164,535 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in Fulgent Genetics by 261.1% in the fourth quarter. Wells Fargo & Company MN now owns 120,781 shares of the company’s stock valued at $3,173,000 after purchasing an additional 87,329 shares during the last quarter. Hedge funds and other institutional investors own 48.06% of the company’s stock.

Insiders Place Their Bets

In related news, insider Hanlin Gao sold 1,688 shares of Fulgent Genetics stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $17.89, for a total transaction of $30,198.32. Following the completion of the transaction, the insider directly owned 990,374 shares of the company’s stock, valued at $17,717,790.86. This trade represents a 0.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jian Xie sold 2,146 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $17.89, for a total transaction of $38,391.94. Following the sale, the chief operating officer directly owned 367,605 shares in the company, valued at $6,576,453.45. The trade was a 0.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 5,980 shares of company stock worth $106,360. Company insiders own 36.18% of the company’s stock.

Fulgent Genetics Stock Up 1.5%

FLGT opened at $20.82 on Thursday. Fulgent Genetics, Inc. has a 52 week low of $13.46 and a 52 week high of $31.04. The stock has a market cap of $591.29 million, a PE ratio of -8.71 and a beta of 0.89. The business has a 50 day moving average of $17.42 and a 200-day moving average of $20.25.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Fulgent Genetics from a “strong sell” rating to a “sell” rating in a report on Saturday, May 30th. Piper Sandler reissued a “neutral” rating and set a $15.00 price target (down from $30.00) on shares of Fulgent Genetics in a research report on Tuesday, May 5th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $27.00.

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.