Fulgent Genetics (NASDAQ:FLGT) Announces Earnings Results, Beats Expectations By $0.05 EPS

Fulgent Genetics (NASDAQ:FLGTGet Rating) issued its earnings results on Thursday. The company reported $0.78 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05, Briefing.com reports. The firm had revenue of $125.30 million for 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%. Fulgent Genetics’s revenue for the quarter was down 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $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 Price Performance

NASDAQ:FLGT traded down $3.88 during trading hours on Friday, reaching $59.86. The company had a trading volume of 417,490 shares, compared to its average volume of 401,285. Fulgent Genetics has a 1-year low of $47.34 and a 1-year high of $112.00. The firm has a market cap of $1.82 billion, a PE ratio of 4.05 and a beta of 1.47. The business’s 50 day moving average price is $55.73 and its 200-day moving average price is $58.34.

Analysts Set New Price Targets

A number of brokerages recently commented on FLGT. Piper Sandler dropped their target price on Fulgent Genetics from $85.00 to $70.00 in a research report on Sunday, May 15th. TheStreet lowered Fulgent Genetics from a “b-” rating to a “c+” rating in a research report on Thursday, July 28th.

Insider Buying and Selling at Fulgent Genetics

In other Fulgent Genetics news, CFO Paul Kim sold 1,191 shares of the business’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $53.38, for a total value 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 Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Jian Xie sold 1,269 shares of the stock in a transaction on Monday, May 16th. The stock was sold at an average price of $53.38, for a total transaction of $67,739.22. Following the completion of the transaction, the chief operating officer now directly owns 329,701 shares in the company, valued at approximately $17,599,439.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Paul Kim sold 1,191 shares of the stock in a transaction on Monday, May 16th. The stock was sold at an average price of $53.38, for a total value of $63,575.58. Following the transaction, the chief financial officer now owns 153,577 shares of the company’s stock, valued at $8,197,940.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,200 shares of company stock valued at $171,530. 29.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fulgent Genetics

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in 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 buying an additional 59,711 shares during the last quarter. Raymond James & Associates raised its holdings in Fulgent Genetics by 42.9% during the first quarter. Raymond James & Associates now owns 14,944 shares of the company’s stock worth $933,000 after purchasing an additional 4,486 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Fulgent Genetics by 25.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 24,905 shares of the company’s stock worth $1,554,000 after purchasing an additional 5,106 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Fulgent Genetics by 3.6% in the first quarter. Citigroup Inc. now owns 20,152 shares of the company’s stock worth $1,258,000 after acquiring an additional 702 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Fulgent Genetics by 7.6% in the first quarter. Bank of Montreal Can now owns 6,551 shares of the company’s stock worth $410,000 after acquiring an additional 461 shares during the last quarter. Institutional investors and hedge funds own 37.61% of the company’s stock.

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.

See Also

Earnings History for Fulgent Genetics (NASDAQ:FLGT)

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