10x Genomics (NASDAQ:TXG) Trading Up 4.2% – Still a Buy?

10x Genomics, Inc. (NASDAQ:TXG) rose 4.2% during mid-day trading on Wednesday . The company traded as high as $9.03 and last traded at $8.96. Approximately 1,267,389 shares traded hands during trading, a decline of 47% from the average daily volume of 2,386,980 shares. The stock had previously closed at $8.59.

Wall Street Analysts Forecast Growth

TXG has been the subject of a number of recent analyst reports. Leerink Partners downgraded 10x Genomics from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $25.00 to $12.00 in a report on Thursday, February 13th. Morgan Stanley decreased their target price on 10x Genomics from $26.00 to $18.00 and set an “overweight” rating for the company in a research report on Monday, May 19th. Stephens reissued an “overweight” rating and issued a $14.00 target price on shares of 10x Genomics in a research report on Thursday, May 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of 10x Genomics in a research report on Saturday. Finally, Barclays decreased their target price on 10x Genomics from $15.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, 10x Genomics presently has an average rating of “Hold” and an average price target of $15.81.

10x Genomics Stock Performance

The company has a 50-day simple moving average of $8.52 and a 200-day simple moving average of $11.95. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -5.83 and a beta of 1.94.

10x Genomics (NASDAQ:TXG) last released its earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.09. The company had revenue of $154.88 million for the quarter, compared to analysts’ expectations of $131.91 million. 10x Genomics had a negative return on equity of 25.40% and a negative net margin of 29.90%. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.50) EPS. As a group, equities research analysts forecast that 10x Genomics, Inc. will post -1.43 EPS for the current year.

Insider Buying and Selling

In related news, insider Benjamin J. Hindson sold 7,485 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $62,125.50. Following the sale, the insider now owns 448,374 shares in the company, valued at $3,721,504.20. This represents a 1.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Serge Saxonov sold 9,343 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $8.30, for a total value of $77,546.90. Following the completion of the sale, the chief executive officer now owns 1,083,625 shares in the company, valued at approximately $8,994,087.50. This represents a 0.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,872 shares of company stock worth $173,238 in the last quarter. Company insiders own 9.39% of the company’s stock.

Institutional Investors Weigh In On 10x Genomics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its stake in 10x Genomics by 0.6% in the 4th quarter. FMR LLC now owns 13,454,434 shares of the company’s stock valued at $193,206,000 after buying an additional 86,455 shares in the last quarter. ARK Investment Management LLC lifted its stake in 10x Genomics by 7.5% in the 1st quarter. ARK Investment Management LLC now owns 12,845,713 shares of the company’s stock valued at $112,143,000 after buying an additional 901,656 shares in the last quarter. Vanguard Group Inc. lifted its stake in 10x Genomics by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 11,118,086 shares of the company’s stock valued at $97,061,000 after buying an additional 184,537 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in 10x Genomics by 235.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,103,768 shares of the company’s stock valued at $62,016,000 after buying an additional 4,987,195 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in 10x Genomics by 434.5% in the 1st quarter. Millennium Management LLC now owns 5,377,492 shares of the company’s stock valued at $46,946,000 after buying an additional 4,371,327 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

10x Genomics Company Profile

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.