Fulgent Genetics (NASDAQ:FLGT) Stock Price Breaks Below 200 Day Moving Average – Here’s What Happened

Fulgent Genetics, Inc. (NASDAQ:FLGT)’s stock price crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $19.46 and traded as low as $19.05. Fulgent Genetics shares last traded at $19.29, with a volume of 339,387 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Weiss Ratings raised Fulgent Genetics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, August 27th. Piper Sandler increased their target price on Fulgent Genetics from $15.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen raised Fulgent Genetics from a “strong sell” rating to a “sell” rating in a report on Saturday, August 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $27.50.

Fulgent Genetics Stock Performance

The company has a market cap of $530.67 million, a P/E ratio of -6.84 and a beta of 0.93. The firm’s 50-day simple moving average is $20.76 and its 200 day simple moving average is $19.46.

Insider Buying and Selling at Fulgent Genetics

In related news, COO Jian Xie sold 2,127 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $19.66, for a total transaction of $41,816.82. Following the sale, the chief operating officer owned 359,924 shares of the company’s stock, valued at approximately $7,076,105.84. This trade represents a 0.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hanlin Gao sold 1,673 shares of Fulgent Genetics stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total value of $32,891.18. Following the transaction, the insider owned 986,117 shares in the company, valued at $19,387,060.22. This trade represents a 0.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 5,932 shares of company stock worth $117,156 in the last ninety days. 36.18% of the stock is currently owned by company insiders.

Institutional Trading of Fulgent Genetics

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Fulgent Genetics in the second quarter valued at approximately $46,922,000. Medina Value Partners LLC bought a new stake in shares of Fulgent Genetics during the second quarter worth $3,961,612. Bank of America Corp DE bought a new stake in shares of Fulgent Genetics during the second quarter worth $3,603,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Fulgent Genetics during the second quarter worth $3,265,000. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in shares of Fulgent Genetics by 32.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 111,405 shares of the company’s stock worth $2,286,000 after acquiring an additional 27,395 shares during the period. 48.06% of the stock is currently owned by institutional investors and hedge funds.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc is a technology-driven clinical diagnostics company that develops and performs genetic testing. Its testing platform uses next-generation sequencing and other molecular technologies to analyze DNA and support the diagnosis, screening and management of inherited and acquired diseases.

The company offers a range of tests, including panels for hereditary cancer, reproductive health and inherited disorders, as well as tumor profiling and other specialized clinical testing services.