Hsbc Holdings PLC Sells 25,257 Shares of Fulgent Genetics, Inc. $FLGT

Hsbc Holdings PLC reduced its stake in Fulgent Genetics, Inc. (NASDAQ:FLGT) by 32.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,056 shares of the company’s stock after selling 25,257 shares during the period. Hsbc Holdings PLC’s holdings in Fulgent Genetics were worth $1,369,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of FLGT. Amundi raised its position in Fulgent Genetics by 289.2% during the 1st quarter. Amundi now owns 34,316 shares of the company’s stock valued at $583,000 after purchasing an additional 25,500 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Fulgent Genetics by 28.7% in the first quarter. Goldman Sachs Group Inc. now owns 202,820 shares of the company’s stock worth $3,428,000 after acquiring an additional 45,279 shares during the period. Legal & General Group Plc lifted its stake in Fulgent Genetics by 14.1% in the second quarter. Legal & General Group Plc now owns 21,025 shares of the company’s stock worth $418,000 after acquiring an additional 2,599 shares during the period. Rhumbline Advisers grew its holdings in Fulgent Genetics by 2.4% during the 2nd quarter. Rhumbline Advisers now owns 33,139 shares of the company’s stock worth $659,000 after acquiring an additional 785 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Fulgent Genetics by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 52,168 shares of the company’s stock valued at $1,037,000 after purchasing an additional 3,860 shares during the period. Institutional investors own 48.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FLGT. Wall Street Zen upgraded shares of Fulgent Genetics from a “strong sell” rating to a “sell” rating in a report on Saturday, May 30th. Weiss Ratings restated a “sell (e+)” rating on shares of Fulgent Genetics in a report on Monday, July 6th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $15.00 target price (down from $30.00) on shares of Fulgent Genetics in a research report on Tuesday, May 5th. Two 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 a consensus rating of “Hold” and an average target price of $27.00.

Fulgent Genetics Stock Performance

Fulgent Genetics stock opened at $20.55 on Monday. The stock has a market cap of $583.62 million, a PE ratio of -8.60 and a beta of 0.89. The stock has a 50-day moving average of $18.13 and a two-hundred day moving average of $19.93. Fulgent Genetics, Inc. has a one year low of $13.46 and a one year high of $31.04.

Insider Activity

In related news, insider Hanlin Gao sold 1,688 shares of Fulgent Genetics stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $17.89, for a total value of $30,198.32. Following the completion of the sale, the insider directly owned 990,374 shares in the company, valued at $17,717,790.86. This trade represents a 0.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 that occurred on 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 approximately $6,576,453.45. This represents a 0.58% decrease in their position. The SEC filing for this sale provides additional information. 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. Corporate insiders own 36.18% 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.