Fulgent Genetics (NASDAQ:FLGT) Posts Earnings Results, Beats Estimates By $0.05 EPS

Fulgent Genetics (NASDAQ:FLGTGet Rating) released its quarterly earnings data on Thursday. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.05, Briefing.com reports. The firm had revenue of $125.30 million during the quarter, compared to analyst estimates of $122.70 million. Fulgent Genetics had a return on equity of 41.13% and a net margin of 48.32%. The business’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.47 earnings per share. Fulgent Genetics updated its Q3 2022 guidance to EPS and its FY 2022 guidance to $6.00-$6.00 EPS.

Fulgent Genetics Stock Down 6.1 %

Fulgent Genetics stock traded down $3.88 during midday trading on Friday, reaching $59.86. 417,490 shares of the stock traded hands, compared to its average volume of 401,285. The stock’s fifty day moving average is $55.73 and its 200-day moving average is $58.34. Fulgent Genetics has a 12 month low of $47.34 and a 12 month high of $112.00. The stock has a market cap of $1.82 billion, a P/E ratio of 4.05 and a beta of 1.47.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FLGT shares. TheStreet lowered Fulgent Genetics from a “b-” rating to a “c+” rating in a research note on Thursday, July 28th. Piper Sandler dropped their price objective on Fulgent Genetics from $85.00 to $70.00 in a research note on Sunday, May 15th.

Insider Activity at Fulgent Genetics

In related news, CFO Paul Kim sold 1,191 shares of the stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $53.38, for a total transaction of $63,575.58. Following the completion of the transaction, the chief financial officer now directly owns 153,577 shares of the company’s stock, valued at $8,197,940.26. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Paul Kim sold 1,191 shares of the stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $53.38, for a total transaction of $63,575.58. Following the completion of the transaction, the chief financial officer now directly owns 153,577 shares of the company’s stock, valued at $8,197,940.26. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Jian Xie sold 1,269 shares of the stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $53.38, for a total value of $67,739.22. Following the transaction, the chief operating officer now directly owns 329,701 shares of the company’s stock, valued at $17,599,439.38. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,200 shares of company stock valued at $171,530. Insiders own 29.50% of the company’s stock.

Institutional Investors Weigh In On Fulgent Genetics

Institutional investors have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Fulgent Genetics by 25.8% in 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 purchasing an additional 5,106 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Fulgent Genetics in the 1st quarter valued at approximately $1,264,000. Citigroup Inc. lifted its stake in shares of Fulgent Genetics by 3.6% in the 1st quarter. Citigroup Inc. now owns 20,152 shares of the company’s stock valued at $1,258,000 after purchasing an additional 702 shares during the last quarter. Sei Investments Co. bought a new stake in shares of Fulgent Genetics in the 1st quarter valued at approximately $1,243,000. Finally, Yousif Capital Management LLC lifted its stake in shares of Fulgent Genetics by 2.8% in the 1st quarter. Yousif Capital Management LLC now owns 19,805 shares of the company’s stock valued at $1,236,000 after purchasing an additional 540 shares during the last quarter. 37.61% of the stock is owned by institutional investors.

About Fulgent Genetics

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Fulgent Genetics, Inc, together with its subsidiaries, provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients in the United States and internationally. The company offers genetic tests comprising Focus and Comprehensive oncology panels tests; Beacon carrier screening panels test for inherited conditions; solid tumor molecular profiling for somatic cancer testing; rapid whole genome testing for children in NICU and PICU; newborn genetic analysis panel; single front-line test to detect ataxia-related variants and repeat expansions through sequencing; picture genetics, a patient-initiated genetic testing; whole exome and clinical exome panel tests; whole genome, mutation, and repeat expansion testing services, as well as research service tests.

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Earnings History for Fulgent Genetics (NASDAQ:FLGT)

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