Principal Financial Group Inc. Buys Shares of 14,240 GeneDx Holdings Corp. (NASDAQ:WGS)

Principal Financial Group Inc. purchased a new stake in GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 14,240 shares of the company's stock, valued at approximately $604,000. Principal Financial Group Inc. owned approximately 0.05% of GeneDx as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in GeneDx by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 707,612 shares of the company's stock worth $6,460,000 after buying an additional 28,678 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of GeneDx in the second quarter valued at approximately $11,335,000. Assenagon Asset Management S.A. bought a new position in GeneDx in the 2nd quarter worth approximately $9,575,000. Millennium Management LLC lifted its holdings in GeneDx by 193.5% during the 2nd quarter. Millennium Management LLC now owns 311,401 shares of the company's stock worth $8,140,000 after buying an additional 205,318 shares in the last quarter. Finally, Divisadero Street Capital Management LP bought a new position in GeneDx in the 2nd quarter valued at $5,886,000. Institutional investors and hedge funds own 61.72% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on WGS shares. BTIG Research lifted their price objective on GeneDx from $35.00 to $45.00 and gave the stock a "buy" rating in a research report on Wednesday, July 31st. Craig Hallum increased their target price on GeneDx from $70.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. TD Cowen increased their price target on shares of GeneDx from $46.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 31st. Wells Fargo & Company raised their price objective on shares of GeneDx from $34.00 to $75.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group increased their target price on GeneDx from $54.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $59.33.

GeneDx Stock Up 9.2 %

Shares of NASDAQ WGS traded up $6.64 during trading hours on Friday, hitting $78.71. The company had a trading volume of 549,559 shares, compared to its average volume of 812,795. GeneDx Holdings Corp. has a 1-year low of $1.41 and a 1-year high of $89.11. The company has a quick ratio of 2.27, a current ratio of 2.40 and a debt-to-equity ratio of 0.25. The firm's 50 day moving average is $59.61 and its 200-day moving average is $39.83. The stock has a market capitalization of $2.16 billion, a P/E ratio of -25.31 and a beta of 2.11.

GeneDx (NASDAQ:WGS - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.25. The business had revenue of $76.90 million during the quarter, compared to analysts' expectations of $64.98 million. GeneDx had a negative return on equity of 13.35% and a negative net margin of 31.25%. GeneDx's quarterly revenue was up 44.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.82) earnings per share. On average, analysts expect that GeneDx Holdings Corp. will post -0.24 earnings per share for the current fiscal year.

Insider Activity at GeneDx

In other news, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the business's stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $75.00, for a total transaction of $64,935,000.00. Following the completion of the sale, the insider now owns 2,866,833 shares in the company, valued at $215,012,475. The trade was a 23.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jason Ryan sold 31,510 shares of GeneDx stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $71.28, for a total value of $2,246,032.80. Following the sale, the director now directly owns 15,490 shares of the company's stock, valued at approximately $1,104,127.20. The trade was a 67.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,097,090 shares of company stock worth $81,094,171. Company insiders own 27.30% of the company's stock.

About GeneDx

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.