Brokers Set Expectations for 10x Genomics FY2024 Earnings

10x Genomics, Inc. (NASDAQ:TXG - Free Report) - Stock analysts at Leerink Partnrs lifted their FY2024 earnings per share (EPS) estimates for shares of 10x Genomics in a research note issued to investors on Tuesday, October 29th. Leerink Partnrs analyst P. Souda now expects that the company will post earnings per share of ($1.46) for the year, up from their prior estimate of ($1.48). Leerink Partnrs has a "Strong-Buy" rating on the stock. The consensus estimate for 10x Genomics' current full-year earnings is ($1.35) per share. Leerink Partnrs also issued estimates for 10x Genomics' Q4 2024 earnings at ($0.34) EPS, Q1 2025 earnings at ($0.42) EPS, Q2 2025 earnings at ($0.33) EPS, Q3 2025 earnings at ($0.29) EPS, Q4 2025 earnings at ($0.22) EPS, FY2025 earnings at ($1.26) EPS and FY2026 earnings at ($0.91) EPS.

10x Genomics (NASDAQ:TXG - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.04. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The company had revenue of $151.65 million for the quarter, compared to analyst estimates of $158.84 million. During the same period last year, the business posted ($0.51) earnings per share. The business's revenue for the quarter was down 1.3% compared to the same quarter last year.

Other equities research analysts also recently issued research reports about the stock. UBS Group lowered their price objective on shares of 10x Genomics from $25.00 to $20.00 and set a "neutral" rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut 10x Genomics from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $55.00 to $25.00 in a research report on Wednesday, July 10th. Stephens reissued an "overweight" rating and issued a $30.00 target price on shares of 10x Genomics in a research report on Thursday, October 10th. JPMorgan Chase & Co. reduced their price target on 10x Genomics from $20.00 to $14.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, Jefferies Financial Group upgraded shares of 10x Genomics from a "hold" rating to a "buy" rating and set a $24.00 price objective on the stock in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $29.19.

10x Genomics Trading Up 1.9 %

Shares of NASDAQ:TXG traded up $0.30 during trading on Friday, hitting $16.33. 1,899,014 shares of the company's stock traded hands, compared to its average volume of 1,705,114. The company has a 50-day moving average price of $19.85 and a 200-day moving average price of $21.33. 10x Genomics has a 52 week low of $14.02 and a 52 week high of $57.90. The company has a market cap of $1.97 billion, a price-to-earnings ratio of -10.67 and a beta of 1.85.

Institutional Investors Weigh In On 10x Genomics

Large investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its holdings in 10x Genomics by 113.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company's stock worth $26,000 after purchasing an additional 371 shares in the last quarter. GAMMA Investing LLC grew its position in shares of 10x Genomics by 451.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,545 shares of the company's stock worth $35,000 after buying an additional 1,265 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of 10x Genomics during the 3rd quarter worth approximately $35,000. First Horizon Advisors Inc. increased its stake in shares of 10x Genomics by 74.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company's stock valued at $37,000 after acquiring an additional 808 shares in the last quarter. Finally, Covestor Ltd lifted its position in shares of 10x Genomics by 501.7% during the 1st quarter. Covestor Ltd now owns 1,047 shares of the company's stock valued at $39,000 after acquiring an additional 873 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at 10x Genomics

In other news, insider Benjamin J. Hindson sold 4,351 shares of 10x Genomics stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $98,028.03. Following the sale, the insider now directly owns 345,704 shares of the company's stock, valued at approximately $7,788,711.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Benjamin J. Hindson sold 4,351 shares of 10x Genomics stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total transaction of $98,028.03. Following the transaction, the insider now owns 345,704 shares in the company, valued at approximately $7,788,711.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Justin J. Mcanear sold 2,961 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $66,711.33. Following the completion of the sale, the chief financial officer now owns 143,242 shares of the company's stock, valued at $3,227,242.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,061 shares of company stock worth $316,794. Insiders own 10.03% of the company's stock.

About 10x Genomics

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.