Fulgent Genetics (NASDAQ:FLGT) Sees Strong Trading Volume – Time to Buy?

Shares of Fulgent Genetics, Inc. (NASDAQ:FLGT) saw an uptick in trading volume on Friday . 294,979 shares changed hands during trading, an increase of 47% from the previous session’s volume of 200,192 shares.The stock last traded at $18.74 and had previously closed at $17.90.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FLGT shares. Piper Sandler dropped their target price on Fulgent Genetics from $22.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday. StockNews.com upgraded Fulgent Genetics from a “sell” rating to a “hold” rating in a research report on Wednesday.

Fulgent Genetics Price Performance

The stock has a market capitalization of $568.15 million, a PE ratio of -3.36 and a beta of 1.39. The company has a 50 day moving average price of $17.14 and a 200-day moving average price of $19.29.

Insiders Place Their Bets

In related news, CFO Paul Kim bought 100,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average cost of $15.96 per share, with a total value of $1,596,000.00. Following the completion of the purchase, the chief financial officer now owns 348,282 shares in the company, valued at approximately $5,558,580.72. The trade was a 40.28 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 31.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC grew its stake in shares of Fulgent Genetics by 20.6% in the fourth quarter. Millennium Management LLC now owns 1,531,801 shares of the company’s stock worth $28,292,000 after acquiring an additional 261,152 shares during the period. State Street Corp raised its stake in Fulgent Genetics by 1.4% during the 3rd quarter. State Street Corp now owns 793,545 shares of the company’s stock valued at $17,244,000 after buying an additional 10,868 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fulgent Genetics by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 514,152 shares of the company’s stock valued at $9,499,000 after buying an additional 11,283 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Fulgent Genetics by 40.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company’s stock worth $9,268,000 after acquiring an additional 145,518 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Fulgent Genetics by 39.4% during the fourth quarter. JPMorgan Chase & Co. now owns 471,259 shares of the company’s stock valued at $8,704,000 after acquiring an additional 133,215 shares during the last quarter. 48.06% of the stock is owned by institutional investors.

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 sequencer services related to hereditary cancer, reproductive health, and other diseases.