Fulgent Genetics (NASDAQ:FLGT) Trading 4% Higher - What's Next?

Fulgent Genetics, Inc. (NASDAQ:FLGT - Get Free Report)'s share price shot up 4% on Friday . The stock traded as high as $18.50 and last traded at $18.50. 62,159 shares traded hands during trading, a decline of 66% from the average session volume of 181,130 shares. The stock had previously closed at $17.79.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Piper Sandler reduced their target price on Fulgent Genetics from $26.00 to $22.00 and set a "neutral" rating on the stock in a report on Monday. StockNews.com downgraded Fulgent Genetics from a "hold" rating to a "sell" rating in a report on Monday.

Fulgent Genetics Price Performance

The stock's 50 day simple moving average is $20.77 and its two-hundred day simple moving average is $21.39. The firm has a market cap of $529.51 million, a P/E ratio of -3.14 and a beta of 1.51.

Insiders Place Their Bets

In related news, CEO Ming Hsieh sold 2,313 shares of the business's stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $22.83, for a total transaction of $52,805.79. Following the completion of the sale, the chief executive officer now directly owns 707,275 shares in the company, valued at approximately $16,147,088.25. The trade was a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 4,324 shares of company stock valued at $98,717. Insiders own 31.76% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FLGT. Vanguard Group Inc. grew its holdings in Fulgent Genetics by 0.6% during the first quarter. Vanguard Group Inc. now owns 1,424,448 shares of the company's stock valued at $30,911,000 after purchasing an additional 8,257 shares during the period. Millennium Management LLC grew its stake in shares of Fulgent Genetics by 34.3% during the 2nd quarter. Millennium Management LLC now owns 958,852 shares of the company's stock valued at $18,813,000 after acquiring an additional 244,981 shares during the period. State Street Corp increased its holdings in Fulgent Genetics by 1.4% in the 3rd quarter. State Street Corp now owns 793,545 shares of the company's stock worth $17,244,000 after acquiring an additional 10,868 shares in the last quarter. Divisadero Street Capital Management LP raised its stake in Fulgent Genetics by 46.4% during the 2nd quarter. Divisadero Street Capital Management LP now owns 505,212 shares of the company's stock worth $9,912,000 after acquiring an additional 160,212 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in Fulgent Genetics during the third quarter valued at approximately $5,854,000. Hedge funds and other institutional investors own 48.06% of the company's stock.

About Fulgent Genetics

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.