Martingale Asset Management LP Increases Stake in Fulgent Genetics, Inc. (NASDAQ:FLGT)

Martingale Asset Management LP increased its holdings in Fulgent Genetics, Inc. (NASDAQ: FLGT – Get Rating) by 28.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,352 shares of the company after purchasing an additional 6,056 shares during the quarter. Martingale Asset Management LP owned 0.09% of Fulgent Genetics worth $815,000 at its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also increased or decreased their stakes in the company. Covington Capital Management increased its holdings of Fulgent Genetics stock by 133.3% in the third quarter. Covington Capital Management now owns 700 shares of the company worth $27,000 after buying another 400 shares during the period. Geneos Wealth Management Inc. increased its stake in Fulgent Genetics by 416.8% in the first quarter. Geneos Wealth Management Inc. now owns 491 shares of the company worth $30,000 after buying another 396 shares during the period. Nisa Investment Advisors LLC increased its position in Fulgent Genetics by 829.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,775 shares of the company valued at $53,000 after purchasing an additional 1,584 shares during the most recent quarter. Rockefeller Capital Management LP increased its stake in Fulgent Genetics stock by 1,120.5% during the third quarter. Rockefeller Capital Management LP now owns 2,148 shares of the company valued at $81,000 after purchasing an additional 1,972 shares during the period. Finally, Tower Research Capital LLC TRC increased its holdings of Fulgent Genetics stock by 110.0% in the third quarter. Tower Research Capital LLC TRC now owns 3,369 shares of the company valued at $128,000 after purchasing an additional 1,765 shares during the most recent quarter. 43.22% of the stock is held by institutional investors.

Fulgent Genetics shares down 3.1%

Shares of FLGT opened at $39.07 on Tuesday. Fulgent Genetics, Inc. has a 1-year low of $28.27 and a 1-year high of $65.17. The company’s 50-day moving average price is $33.43, and its 200-day moving average price is $32.99.

Fulgent Genetics (NASDAQ:FLGT – Get Rating) last released its quarterly earnings data on Friday, May 5. The company reported earnings per share of ($0.47) for the quarter, topping the consensus estimate of ($0.68) by $0.21. Fulgent Genetics had a negative return on equity of 1.05% and a negative net margin of 7.10%. The business reported revenue of $66.17 million for the quarter, versus analyst expectations of $61.95 million. Sell-side analysts expect Fulgent Genetics, Inc. to post -2.23 earnings per share for the current year.

Analyst upgrades and downgrades

Several brokers weighed in on FLGT. Piper Sandler raised its price target on Fulgent Genetics stock from $35.00 to $37.00 in a research report on Monday, May 8. StockNews.com took over coverage of Fulgent Genetics in a report on Thursday, May 18. They have set a “hold” rating on the stock. Finally, Credit Suisse Group lowered its price target on Fulgent Genetics from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Thursday, March 2. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.33.

Brilliant genetic profile

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Fulgent Genetics, Inc is a technology company dedicated to providing genetic testing and sequencing solutions. It offers genes and panels, known mutations, inherited cancers, carrier screening and cancer profiling solutions. The company was founded by Ming Hsieh on May 13, 2016 and is headquartered in El Monte, California.

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Fulgent Genetics Institutional Ownership by Quarter (NASDAQ:FLGT)

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