Citigroup Cuts 10x Genomics (NASDAQ:TXG) Price Target to $23.00

10x Genomics (NASDAQ:TXG - Get Free Report) had its price objective reduced by Citigroup from $35.00 to $23.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target points to a potential upside of 38.55% from the company's current price.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group upgraded shares of 10x Genomics from a "hold" rating to a "buy" rating and set a $24.00 price objective for the company in a report on Monday, July 22nd. Morgan Stanley lowered their target price on 10x Genomics from $50.00 to $46.00 and set an "overweight" rating for the company in a research report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft downgraded 10x Genomics from a "buy" rating to a "hold" rating and cut their target price for the company from $55.00 to $25.00 in a research report on Wednesday, July 10th. Canaccord Genuity Group dropped their target price on shares of 10x Genomics from $32.00 to $20.00 and set a "buy" rating on the stock in a research note on Thursday, October 10th. Finally, Barclays decreased their target price on shares of 10x Genomics from $24.00 to $21.00 and set an "overweight" rating for the company in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $29.31.

10x Genomics Stock Up 5.1 %

TXG traded up $0.81 during trading on Wednesday, reaching $16.60. 2,225,029 shares of the stock traded hands, compared to its average volume of 1,696,382. The stock has a market capitalization of $2.00 billion, a PE ratio of -10.85 and a beta of 1.85. 10x Genomics has a 12 month low of $14.02 and a 12 month high of $57.90. The stock's 50-day moving average is $20.25 and its 200 day moving average is $21.52.

10x Genomics (NASDAQ:TXG - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.34) by $0.04. The business had revenue of $151.65 million during the quarter, compared to the consensus estimate of $158.84 million. 10x Genomics had a negative net margin of 37.90% and a negative return on equity of 28.23%. The firm's quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.51) EPS. As a group, equities research analysts anticipate that 10x Genomics will post -1.35 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On 10x Genomics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. increased its stake in 10x Genomics by 58.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,621,778 shares of the company's stock worth $135,925,000 after purchasing an additional 1,338,248 shares during the period. Vanguard Group Inc. increased its stake in shares of 10x Genomics by 1.0% in the first quarter. Vanguard Group Inc. now owns 9,101,536 shares of the company's stock worth $341,581,000 after purchasing an additional 90,204 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in 10x Genomics by 264.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 319,287 shares of the company's stock valued at $11,983,000 after acquiring an additional 231,697 shares in the last quarter. SG Americas Securities LLC lifted its position in 10x Genomics by 604.9% during the second quarter. SG Americas Securities LLC now owns 101,344 shares of the company's stock valued at $1,971,000 after purchasing an additional 86,967 shares during the last quarter. Finally, Lecap Asset Management Ltd. purchased a new stake in 10x Genomics during the third quarter valued at approximately $877,000. 84.68% of the stock is currently owned by institutional investors.

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.

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