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

Fulgent Genetics (NASDAQ:FLGTGet Rating) announced its quarterly earnings data on Thursday. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05, Briefing.com reports. The company had revenue of $125.30 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $2.47 EPS. Fulgent Genetics updated its Q3 2022 guidance to EPS and its FY 2022 guidance to $6.00-$6.00 EPS.

Fulgent Genetics Price Performance

Fulgent Genetics stock 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. The company has a 50-day moving average price of $55.73 and a 200 day moving average price of $58.34. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 4.05 and a beta of 1.47. Fulgent Genetics has a 12-month low of $47.34 and a 12-month high of $112.00.

Insiders Place Their Bets

In other Fulgent Genetics news, CFO Paul Kim sold 1,191 shares of Fulgent Genetics 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 transaction, the chief financial officer now directly owns 153,577 shares of the company’s stock, valued at approximately $8,197,940.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Jian Xie sold 1,269 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 transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Paul Kim sold 1,191 shares of the business’s 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 $63,575.58. Following the transaction, the chief financial officer now directly owns 153,577 shares in the company, valued at $8,197,940.26. The disclosure for this sale can be found here. Insiders have sold 3,200 shares of company stock valued at $171,530 in the last ninety days. Company insiders own 29.50% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

Hedge funds have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. increased its stake in shares of 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 valued at $1,554,000 after buying an additional 5,106 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Fulgent Genetics during the first quarter valued at approximately $1,264,000. Citigroup Inc. increased its stake in shares of Fulgent Genetics by 3.6% during the first quarter. Citigroup Inc. now owns 20,152 shares of the company’s stock valued at $1,258,000 after buying an additional 702 shares during the period. Sei Investments Co. purchased a new position in shares of Fulgent Genetics during the first quarter valued at approximately $1,243,000. Finally, Yousif Capital Management LLC increased its stake in shares of Fulgent Genetics by 2.8% during the first quarter. Yousif Capital Management LLC now owns 19,805 shares of the company’s stock valued at $1,236,000 after buying an additional 540 shares during the period. 37.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Fulgent Genetics Company Profile

(Get Rating)

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.

Recommended Stories

Earnings History for Fulgent Genetics (NASDAQ:FLGT)

Receive News & Ratings for Fulgent Genetics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fulgent Genetics and related companies with MarketBeat.com's FREE daily email newsletter.