StockNews.com Begins Coverage on Fulgent Genetics (NASDAQ:FLGT)

StockNews.com assumed coverage on shares of Fulgent Genetics (NASDAQ:FLGT – Get Rating) in a research note published on Thursday morning. The brokerage issued a hold rating on the stock.

Several other equities analysts have also issued reports on FLGT. Raymond James assumed coverage on Fulgent Genetics in a report on Friday, November 18th. They set an outperform rating and a $45.00 price objective on the stock. Credit Suisse Group decreased their target price on shares of Fulgent Genetics from $50.00 to $45.00 and set an outperform rating for the company in a research note on Thursday, March 2nd. Finally, Piper Sandler decreased their target price on shares of Fulgent Genetics from $40.00 to $35.00 in a research note on Monday, March 13th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $41.67.

Fulgent Genetics Stock Performance

Shares of FLGT stock opened at $30.84 on Thursday. The stock’s 50-day moving average is $32.68 and its two-hundred day moving average is $35.31. The firm has a market cap of $910.40 million, a price-to-earnings ratio of 6.76 and a beta of 1.61. Fulgent Genetics has a 1 year low of $28.53 and a 1 year high of $65.32.

Fulgent Genetics (NASDAQ:FLGT – Get Rating) last issued its quarterly earnings data on Tuesday, February 28th. The company reported ($0.71) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.07. The company had revenue of $67.70 million for the quarter, compared to analyst estimates of $59.44 million. Fulgent Genetics had a return on equity of 11.93% and a net margin of 23.17%. As a group, research analysts predict that Fulgent Genetics will post -2.25 EPS for the current year.

Institutional Investors Weigh In On Fulgent Genetics

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. lifted its position 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. Vanguard Group Inc. lifted its position in Fulgent Genetics by 2.4% in the third quarter. Vanguard Group Inc. now owns 1,365,736 shares of the company’s stock valued at $52,062,000 after purchasing an additional 32,173 shares during the period. Dimensional Fund Advisors LP lifted its position in Fulgent Genetics by 17.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 798,326 shares of the company’s stock valued at $23,776,000 after purchasing an additional 117,504 shares during the period. State Street Corp lifted its position in Fulgent Genetics by 5.3% in the third quarter. State Street Corp now owns 756,357 shares of the company’s stock valued at $28,832,000 after purchasing an additional 38,121 shares during the period. Finally, Park West Asset Management LLC lifted its position in Fulgent Genetics by 152.0% in the second quarter. Park West Asset Management LLC now owns 629,882 shares of the company’s stock valued at $34,347,000 after purchasing an additional 379,882 shares during the period. Institutional investors and hedge funds own 43.22% of the company’s stock.

Fulgent Genetics Company Profile

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Fulgent Genetics, Inc is a technology company, which engages in the provision of gene testing and sequencing solutions. It offers genes and panels, known mutation, hereditary cancer, carrier screening, and tumor profiling solutions. The company was founded by Ming Hsieh on May 13, 2016 and is headquartered in Temple City, CA.