Zacks Investment Research upgraded shares of Fulgent Genetics (NASDAQ:FLGT) from a hold rating to a buy rating in a research report sent to investors on Monday, Zacks.com reports. They currently have $6.25 price target on the stock.
According to Zacks, “Fulgent Genetics, Inc. is a technology company. It provide genetic testing services to physicians with clinically actionable diagnostic information. The Company’s technology platform integrates data comparison and suppression algorithms, adaptive learning software, advanced genetic diagnostics tools and integrated laboratory process which serves primarily to hospitals and medical institutions. Fulgent Genetics, Inc. is headquartered in Temple City, California. “
A number of other brokerages also recently issued reports on FLGT. Credit Suisse Group downgraded Fulgent Genetics from an outperform rating to a neutral rating in a report on Friday, April 26th. TheStreet upgraded Fulgent Genetics from a d rating to a c- rating in a report on Friday, March 1st. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $5.68.
Fulgent Genetics (NASDAQ:FLGT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). Fulgent Genetics had a negative net margin of 20.33% and a negative return on equity of 7.05%. The business had revenue of $5.37 million for the quarter, compared to analysts’ expectations of $5.46 million. As a group, equities analysts forecast that Fulgent Genetics will post -0.13 earnings per share for the current year.
In related news, insider Ming Hsieh purchased 8,739 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were purchased at an average cost of $4.95 per share, with a total value of $43,258.05. Following the transaction, the insider now directly owns 6,579,326 shares in the company, valued at approximately $32,567,663.70. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 57.80% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of FLGT. Essex Investment Management Co. LLC bought a new stake in shares of Fulgent Genetics in the 4th quarter worth approximately $261,000. Old West Investment Management LLC boosted its position in shares of Fulgent Genetics by 8.5% in the 4th quarter. Old West Investment Management LLC now owns 434,454 shares of the company’s stock worth $1,377,000 after purchasing an additional 34,140 shares in the last quarter. Brown Advisory Inc. bought a new stake in shares of Fulgent Genetics in the 4th quarter worth approximately $46,000. Finally, Financial Advisors LLC bought a new stake in shares of Fulgent Genetics in the 4th quarter worth approximately $35,000. 6.62% of the stock is currently owned by hedge funds and other institutional investors.
About Fulgent Genetics
Fulgent Genetics, Inc, together with its subsidiaries, provides genetic testing services to physicians with clinically actionable diagnostic information. Its technology platform integrates data comparison and suppression algorithms, learning software, and genetic diagnostics tools and integrated laboratory processes.
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