Fulgent Genetics (NASDAQ:FLGT) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Fulgent Genetics (NASDAQ:FLGT - Free Report) from a sell rating to a hold rating in a research note published on Tuesday morning.

Separately, Piper Sandler dropped their target price on shares of Fulgent Genetics from $26.00 to $22.00 and set a "neutral" rating on the stock in a report on Monday, November 11th.

Fulgent Genetics Stock Performance

Shares of FLGT stock traded up $0.29 during mid-day trading on Tuesday, hitting $17.00. 267,548 shares of the stock traded hands, compared to its average volume of 183,500. Fulgent Genetics has a twelve month low of $16.56 and a twelve month high of $30.68. The company's 50-day simple moving average is $20.59 and its 200-day simple moving average is $21.35. The firm has a market cap of $520.03 million, a price-to-earnings ratio of -3.03 and a beta of 1.51.

Insider Activity

In other news, CEO Ming Hsieh sold 2,313 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $22.83, for a total value of $52,805.79. Following the completion of the sale, the chief executive officer now owns 707,275 shares in the company, valued at $16,147,088.25. This represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 4,324 shares of company stock valued at $98,717 over the last three months. Insiders own 32.66% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FLGT. Point72 Asset Management L.P. purchased a new position in Fulgent Genetics during the 3rd quarter valued at about $5,854,000. Millennium Management LLC grew its position in Fulgent Genetics by 34.3% during the second quarter. Millennium Management LLC now owns 958,852 shares of the company's stock valued at $18,813,000 after purchasing an additional 244,981 shares in the last quarter. Divisadero Street Capital Management LP increased its stake in Fulgent Genetics by 46.4% in the 2nd quarter. Divisadero Street Capital Management LP now owns 505,212 shares of the company's stock valued at $9,912,000 after buying an additional 160,212 shares during the period. Invenomic Capital Management LP lifted its position in 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 in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Fulgent Genetics by 37.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 201,201 shares of the company's stock valued at $3,948,000 after buying an additional 55,020 shares during the period. 48.06% of the stock is owned by institutional investors and hedge funds.

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.