Fulgent Genetics (NASDAQ:FLGT) Sees Large Volume Increase - Here's What Happened

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report) saw unusually-high trading volume on Friday . Approximately 294,979 shares were traded during mid-day 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.

Analyst Upgrades and Downgrades

FLGT has been the topic of a number of research analyst reports. StockNews.com upgraded shares of Fulgent Genetics from a "sell" rating to a "hold" rating in a research note on Wednesday. Piper Sandler dropped their target price on shares of Fulgent Genetics from $22.00 to $16.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th.

Fulgent Genetics Stock Performance

The company has a market capitalization of $573.11 million, a PE ratio of -3.37 and a beta of 1.54. The stock's 50 day moving average is $17.14 and its 200 day moving average is $19.23.

Insider Activity at Fulgent Genetics

In other news, CFO Paul Kim bought 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $15.96 per share, with a total value of $1,596,000.00. Following the acquisition, the chief financial officer now owns 348,282 shares of the company's stock, valued at approximately $5,558,580.72. The trade was a 40.28 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 31.76% of the stock is currently owned by corporate insiders.

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Institutional Trading of Fulgent Genetics

A number of hedge funds and other institutional investors have recently bought and sold shares of FLGT. Point72 Asset Management L.P. bought a new stake in Fulgent Genetics during the 3rd quarter worth approximately $5,854,000. Millennium Management LLC increased its holdings in shares of Fulgent Genetics by 20.6% in the 4th quarter. Millennium Management LLC now owns 1,531,801 shares of the company's stock worth $28,292,000 after buying an additional 261,152 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Fulgent Genetics by 113.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,044 shares of the company's stock worth $7,346,000 after buying an additional 179,477 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Fulgent Genetics by 40.8% in the 4th quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company's stock worth $9,268,000 after buying an additional 145,518 shares during the last quarter. Finally, Invenomic Capital Management LP increased its holdings in shares of Fulgent Genetics by 98.9% in the 3rd quarter. Invenomic Capital Management LP now owns 249,747 shares of the company's stock worth $5,427,000 after buying an additional 124,185 shares during the last quarter. Institutional investors own 48.06% of the company's stock.

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.