Summit Partners Public Asset Management LLC Makes New $7.34 Million Investment in GeneDx Holdings Corp. (NASDAQ:WGS)

Summit Partners Public Asset Management LLC bought a new stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 172,945 shares of the company's stock, valued at approximately $7,340,000. Summit Partners Public Asset Management LLC owned 0.63% of GeneDx at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WGS. Driehaus Capital Management LLC acquired a new position in shares of GeneDx during the second quarter valued at approximately $11,335,000. Assenagon Asset Management S.A. acquired a new position in shares of GeneDx during the 2nd quarter valued at $9,575,000. Divisadero Street Capital Management LP bought a new stake in shares of GeneDx in the 2nd quarter worth $5,886,000. Millennium Management LLC raised its stake in shares of GeneDx by 193.5% in 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, Raymond James & Associates bought a new stake in shares of GeneDx in the 3rd quarter worth $8,090,000. 61.72% of the stock is currently owned by institutional investors.

GeneDx Stock Down 1.3 %

Shares of WGS traded down $1.04 during mid-day trading on Friday, reaching $78.39. The company's stock had a trading volume of 185,920 shares, compared to its average volume of 451,858. GeneDx Holdings Corp. has a 1 year low of $1.45 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 company has a market cap of $2.15 billion, a price-to-earnings ratio of -25.21 and a beta of 2.11. The business has a fifty day moving average of $62.92 and a 200 day moving average of $41.22.

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

Insider Activity at GeneDx

In other news, CEO Katherine Stueland sold 3,639 shares of GeneDx stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $33.33, for a total transaction of $121,287.87. Following the completion of the sale, the chief executive officer now directly owns 95,457 shares in the company, valued at $3,181,581.81. The trade was a 3.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 shares were sold at an average price of $75.00, for a total value of $64,935,000.00. Following the completion of the sale, the insider now directly owns 2,866,833 shares of the company's stock, valued at approximately $215,012,475. The trade was a 23.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,109,109 shares of company stock valued at $81,980,692. Corporate insiders own 27.30% of the company's stock.

Wall Street Analyst Weigh In

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

GeneDx Company Profile

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.