Research Analysts Issue Forecasts for 10x Genomics, Inc.’s Q2 2024 Earnings (NASDAQ:TXG)

10x Genomics, Inc. (NASDAQ:TXG) – Equities research analysts at William Blair increased their Q2 2024 EPS estimates for 10x Genomics in a note issued to investors on Wednesday, May 1st. William Blair analyst M. Larew now anticipates that the company will post earnings per share of ($0.53) for the quarter, up from their previous estimate of ($0.55). The consensus estimate for 10x Genomics’ current full-year earnings is ($1.47) per share. William Blair also issued estimates for 10x Genomics’ Q3 2024 earnings at ($0.41) EPS, Q4 2024 earnings at ($0.30) EPS, FY2024 earnings at ($1.71) EPS and FY2025 earnings at ($1.30) EPS.

10x Genomics (NASDAQ:TXG) last posted its quarterly earnings results on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.50). 10x Genomics had a negative net margin of 42.20% and a negative return on equity of 30.85%. The business had revenue of $141.01 million for the quarter, compared to the consensus estimate of $142.24 million. During the same period in the prior year, the business posted ($0.44) earnings per share. 10x Genomics’s revenue for the quarter was up 5.0% compared to the same quarter last year.

Several other research firms also recently commented on TXG. Canaccord Genuity Group decreased their target price on shares of 10x Genomics from $65.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 29th. The Goldman Sachs Group decreased their price objective on shares of 10x Genomics from $30.00 to $26.00 and set a “sell” rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft reduced their price target on 10x Genomics from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. TD Cowen lowered 10x Genomics from a “buy” rating to a “hold” rating and lowered their price objective for the company from $57.00 to $32.00 in a report on Wednesday. Finally, Stifel Nicolaus cut their price objective on 10x Genomics from $63.00 to $53.00 and set a “buy” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, 10x Genomics presently has a consensus rating of “Moderate Buy” and an average target price of $48.50.

10x Genomics Price Performance

Shares of 10x Genomics stock opened at $27.48 on Friday. The stock has a 50-day simple moving average of $36.16 and a 200-day simple moving average of $42.18. 10x Genomics has a 52-week low of $24.60 and a 52-week high of $63.57. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -12.24 and a beta of 1.94.

Insider Buying and Selling at 10x Genomics

In other 10x Genomics news, CEO Serge Saxonov sold 4,660 shares of 10x Genomics stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $44.00, for a total value of $205,040.00. Following the transaction, the chief executive officer now directly owns 842,900 shares of the company’s stock, valued at approximately $37,087,600. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other 10x Genomics news, CEO Serge Saxonov sold 4,660 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $44.00, for a total value of $205,040.00. Following the completion of the sale, the chief executive officer now directly owns 842,900 shares of the company’s stock, valued at approximately $37,087,600. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Justin J. Mcanear sold 1,865 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $46.34, for a total transaction of $86,424.10. Following the completion of the sale, the chief financial officer now owns 95,240 shares in the company, valued at $4,413,421.60. The disclosure for this sale can be found here. Insiders have sold 12,959 shares of company stock valued at $592,806 in the last 90 days. 10.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 10x Genomics

Large investors have recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of 10x Genomics by 56.4% during the 3rd quarter. FMR LLC now owns 12,666,998 shares of the company’s stock worth $522,514,000 after purchasing an additional 4,565,400 shares in the last quarter. Venrock Management VI LLC acquired a new stake in 10x Genomics during the fourth quarter worth $117,894,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in 10x Genomics by 58.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company’s stock valued at $135,925,000 after buying an additional 1,338,248 shares during the period. Nikko Asset Management Americas Inc. raised its stake in shares of 10x Genomics by 58.6% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,621,778 shares of the company’s stock valued at $135,780,000 after buying an additional 1,338,248 shares in the last quarter. Finally, ARK Investment Management LLC lifted its holdings in shares of 10x Genomics by 35.0% during the 4th quarter. ARK Investment Management LLC now owns 4,041,287 shares of the company’s stock worth $226,150,000 after acquiring an additional 1,047,827 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.