Short Interest in Fulgent Genetics, Inc. (NASDAQ:FLGT) Grows By 5.6%

Fulgent Genetics, Inc. (NASDAQ:FLGT) was the recipient of a large growth in short interest in October. As of October 31st, there was short interest totalling 903,600 shares, a growth of 5.6% from the October 15th total of 855,900 shares. Based on an average trading volume of 243,500 shares, the days-to-cover ratio is presently 3.7 days. Currently, 4.7% of the company’s stock are short sold.

Analyst Ratings Changes

FLGT has been the topic of a number of research analyst reports. Piper Sandler decreased their price objective on shares of Fulgent Genetics from $37.00 to $28.00 and set a “neutral” rating on the stock in a report on Monday, October 16th. TheStreet downgraded Fulgent Genetics from a “c-” rating to a “d+” rating in a research note on Friday, November 3rd. Finally, StockNews.com initiated coverage on Fulgent Genetics in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Fulgent Genetics has a consensus rating of “Moderate Buy” and a consensus target price of $39.33.

Insider Buying and Selling

In other Fulgent Genetics news, insider Hanlin Gao sold 1,041 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $31.41, for a total transaction of $32,697.81. Following the completion of the sale, the insider now directly owns 912,932 shares of the company’s stock, valued at approximately $28,675,194.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Hanlin Gao sold 1,041 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $31.41, for a total value of $32,697.81. Following the completion of the sale, the insider now directly owns 912,932 shares of the company’s stock, valued at approximately $28,675,194.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jian Xie sold 1,492 shares of Fulgent Genetics stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $31.41, for a total value of $46,863.72. Following the completion of the sale, the chief operating officer now owns 416,022 shares in the company, valued at $13,067,251.02. The disclosure for this sale can be found here. Insiders have sold 12,832 shares of company stock worth $425,814 in the last ninety days. 31.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FLGT. JPMorgan Chase & Co. lifted its holdings in shares of Fulgent Genetics by 318.5% during the 1st quarter. JPMorgan Chase & Co. now owns 78,457 shares of the company’s stock worth $4,896,000 after acquiring an additional 59,711 shares during the period. Raymond James & Associates boosted its holdings in shares of Fulgent Genetics by 42.9% in the 1st quarter. Raymond James & Associates now owns 14,944 shares of the company’s stock valued at $933,000 after purchasing an additional 4,486 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Fulgent Genetics by 25.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 24,905 shares of the company’s stock valued at $1,554,000 after buying an additional 5,106 shares during the period. Citigroup Inc. increased its holdings in shares of Fulgent Genetics by 3.6% during the 1st quarter. Citigroup Inc. now owns 20,152 shares of the company’s stock worth $1,258,000 after buying an additional 702 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Fulgent Genetics by 7.6% in the 1st quarter. Bank of Montreal Can now owns 6,551 shares of the company’s stock worth $410,000 after buying an additional 461 shares during the period. Hedge funds and other institutional investors own 46.09% of the company’s stock.

Fulgent Genetics Stock Down 2.2 %

Shares of Fulgent Genetics stock traded down $0.60 during trading on Friday, hitting $27.06. 161,158 shares of the company were exchanged, compared to its average volume of 223,557. The firm has a 50 day moving average price of $26.63 and a 200 day moving average price of $33.02. The stock has a market capitalization of $801.87 million, a price-to-earnings ratio of -12.70 and a beta of 1.57. Fulgent Genetics has a fifty-two week low of $23.09 and a fifty-two week high of $44.09.

Fulgent Genetics (NASDAQ:FLGT) last issued its quarterly earnings data on Friday, November 3rd. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.07). The company had revenue of $84.70 million during the quarter, compared to analysts’ expectations of $64.42 million. Fulgent Genetics had a negative net margin of 22.17% and a negative return on equity of 4.59%. The firm’s revenue was down 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.11 earnings per share. Analysts predict that Fulgent Genetics will post -2.09 earnings per share for the current year.

Fulgent Genetics Company Profile

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 next generation sequencer services related to hereditary cancer, cardiovascular genetics, reproductive health, and neurodegenerative genetics, as well as pharmacogenetic tests.