Fulgent Genetics (NASDAQ:FLGT) Shares Gap Up on Earnings Beat

Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $17.25, but opened at $18.20. Fulgent Genetics shares last traded at $19.81, with a volume of 251,939 shares changing hands.

The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.22. The company had revenue of $73.46 million during the quarter, compared to the consensus estimate of $71.26 million. Fulgent Genetics had a negative net margin of 59.39% and a negative return on equity of 1.81%. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.01) earnings per share.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FLGT shares. StockNews.com upgraded Fulgent Genetics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Piper Sandler lowered their price target on Fulgent Genetics from $22.00 to $16.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th.

Insider Activity

In other Fulgent Genetics news, CFO Paul Kim purchased 100,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was acquired at an average price of $15.96 per share, with a total value of $1,596,000.00. Following the transaction, the chief financial officer now directly owns 348,282 shares of the company’s stock, valued at approximately $5,558,580.72. This trade represents a 40.28 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 31.76% of the company’s stock.

Institutional Trading of Fulgent Genetics

Several large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in Fulgent Genetics by 113.2% in the third quarter. JPMorgan Chase & Co. now owns 338,044 shares of the company’s stock worth $7,346,000 after purchasing an additional 179,477 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Fulgent Genetics by 803.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 125,957 shares of the company’s stock valued at $2,326,000 after buying an additional 112,011 shares in the last quarter. Inlight Wealth Management LLC purchased a new stake in shares of Fulgent Genetics in the 4th quarter worth about $685,000. Intech Investment Management LLC increased its stake in shares of Fulgent Genetics by 248.3% in the 4th quarter. Intech Investment Management LLC now owns 43,539 shares of the company’s stock worth $804,000 after acquiring an additional 31,037 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in Fulgent Genetics during the 4th quarter valued at about $411,000. 48.06% of the stock is owned by institutional investors.

Fulgent Genetics Price Performance

The firm has a market cap of $633.99 million, a P/E ratio of -3.72 and a beta of 1.36. The firm’s 50 day moving average is $17.46 and its 200 day moving average is $18.08.

About Fulgent Genetics

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company’s clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.