Insider Selling: Fulgent Genetics (NASDAQ:FLGT) Insider Sells $16,632.00 in Stock

Fulgent Genetics, Inc. (NASDAQ:FLGT) insider Hanlin Gao sold 945 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $17.60, for a total value of $16,632.00. Following the completion of the transaction, the insider owned 992,062 shares in the company, valued at $17,460,291.20. This trade represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Fulgent Genetics Stock Down 0.5%

Shares of FLGT stock opened at $18.14 on Friday. The stock has a market capitalization of $515.18 million, a PE ratio of -7.59 and a beta of 0.88. Fulgent Genetics, Inc. has a 52-week low of $13.46 and a 52-week high of $31.04. The stock’s 50-day moving average price is $16.10 and its 200 day moving average price is $21.91.

Fulgent Genetics (NASDAQ:FLGT) last issued its quarterly earnings results on Friday, February 27th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.14. The firm had revenue of $83.34 million for the quarter, compared to analysts’ expectations of $85.38 million. Fulgent Genetics had a negative return on equity of 3.24% and a negative net margin of 23.04%. Analysts expect that Fulgent Genetics, Inc. will post -2.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fulgent Genetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allianz Asset Management GmbH increased its position in Fulgent Genetics by 119.6% during the 3rd quarter. Allianz Asset Management GmbH now owns 90,869 shares of the company’s stock worth $2,054,000 after purchasing an additional 49,485 shares during the period. JPMorgan Chase & Co. increased its position in Fulgent Genetics by 767.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 299,014 shares of the company’s stock worth $6,758,000 after purchasing an additional 264,524 shares during the period. Hennion & Walsh Asset Management Inc. acquired a new position in Fulgent Genetics during the 4th quarter worth approximately $1,739,000. Northwestern Mutual Wealth Management Co. increased its position in Fulgent Genetics by 2,984,354.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company’s stock worth $39,985,000 after purchasing an additional 1,522,021 shares during the period. Finally, UBS Group AG increased its position in Fulgent Genetics by 288.8% during the 4th quarter. UBS Group AG now owns 83,559 shares of the company’s stock worth $2,195,000 after purchasing an additional 62,070 shares during the period. Institutional investors and hedge funds own 48.06% of the company’s stock.

Wall Street Analysts Forecast Growth

FLGT has been the topic of several recent research reports. Zacks Research cut Fulgent Genetics from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 9th. Piper Sandler restated a “neutral” rating and issued a $15.00 price target (down from $30.00) on shares of Fulgent Genetics in a research report on Tuesday, May 5th. Finally, Wall Street Zen upgraded Fulgent Genetics from a “strong sell” rating to a “sell” rating in a research report on Saturday. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $27.00.

About Fulgent Genetics

Fulgent Genetics, Inc (NASDAQ: FLGT) is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company’s infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent’s product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.