GeneDx Holdings Corp. (NASDAQ:WGS) Shares Bought by Summit Partners Public Asset Management LLC

Summit Partners Public Asset Management LLC boosted its holdings in shares of GeneDx Holdings Corp. (NASDAQ:WGS) by 336.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 755,564 shares of the company’s stock after buying an additional 582,619 shares during the quarter. GeneDx accounts for 1.1% of Summit Partners Public Asset Management LLC’s investment portfolio, making the stock its 12th largest position. Summit Partners Public Asset Management LLC owned approximately 2.75% of GeneDx worth $58,073,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. William Blair Investment Management LLC acquired a new stake in GeneDx during the 4th quarter worth $51,496,000. Lord Abbett & CO. LLC acquired a new position in GeneDx in the fourth quarter valued at $48,458,000. Science & Technology Partners L.P. acquired a new position in GeneDx in the fourth quarter valued at $30,821,000. Zweig DiMenna Associates LLC acquired a new position in GeneDx in the fourth quarter valued at $23,788,000. Finally, Raymond James Financial Inc. acquired a new position in GeneDx in the fourth quarter valued at $20,371,000. 61.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

WGS has been the topic of a number of recent research reports. Jefferies Financial Group upgraded shares of GeneDx from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a research note on Friday, May 9th. Guggenheim began coverage on shares of GeneDx in a research note on Thursday. They issued a “buy” rating and a $88.00 price objective on the stock. The Goldman Sachs Group lifted their target price on shares of GeneDx from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. TD Securities lowered their target price on shares of GeneDx from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Finally, Wells Fargo & Company lowered their target price on shares of GeneDx from $105.00 to $78.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, GeneDx has an average rating of “Moderate Buy” and an average target price of $86.75.

Insider Buying and Selling at GeneDx

In other GeneDx news, CFO Kevin Feeley sold 388 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $113.09, for a total transaction of $43,878.92. Following the sale, the chief financial officer now directly owns 3,337 shares of the company’s stock, valued at approximately $377,381.33. This represents a 10.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith A. Meister bought 100,000 shares of the company’s stock in a transaction on Thursday, May 8th. The shares were acquired at an average cost of $56.01 per share, for a total transaction of $5,601,000.00. Following the completion of the acquisition, the director now directly owns 3,008,629 shares of the company’s stock, valued at $168,513,310.29. This trade represents a 3.44% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 139,390 shares of company stock worth $13,043,288 in the last ninety days. 29.60% of the stock is owned by insiders.

GeneDx Stock Performance

Shares of WGS stock opened at $68.31 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.27 and a current ratio of 2.40. GeneDx Holdings Corp. has a one year low of $19.16 and a one year high of $117.75. The company has a 50 day moving average price of $87.10 and a 200 day moving average price of $82.61. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -34.85 and a beta of 1.96.

GeneDx (NASDAQ:WGS) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.17. The company had revenue of $87.12 million during the quarter, compared to the consensus estimate of $79.90 million. GeneDx had a negative net margin of 17.12% and a positive return on equity of 3.33%. Sell-side analysts anticipate that GeneDx Holdings Corp. will post 0.97 EPS for the current year.

About GeneDx

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.