Fulgent Genetics Inc (NASDAQ:FLGT) Sees Large Increase in Short Interest

Fulgent Genetics Inc (NASDAQ:FLGT) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 1,180,000 shares, a growth of 27.3% from the August 15th total of 926,900 shares. Approximately 10.6% of the shares of the company are sold short. Based on an average daily volume of 802,300 shares, the days-to-cover ratio is currently 1.5 days.

Shares of NASDAQ:FLGT traded up $2.47 during trading on Wednesday, hitting $32.76. 18,607 shares of the company were exchanged, compared to its average volume of 525,554. The business’s 50 day moving average is $34.72 and its 200-day moving average is $20.08. The company has a market capitalization of $669.86 million, a P/E ratio of 272.69 and a beta of 1.90. The company has a quick ratio of 6.33, a current ratio of 6.33 and a debt-to-equity ratio of 0.03. Fulgent Genetics has a 1-year low of $6.70 and a 1-year high of $52.47.

Fulgent Genetics (NASDAQ:FLGT) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.16. The business had revenue of $17.27 million during the quarter, compared to the consensus estimate of $14.52 million. Fulgent Genetics had a return on equity of 5.05% and a net margin of 5.78%. As a group, sell-side analysts anticipate that Fulgent Genetics will post 1.07 earnings per share for the current year.

FLGT has been the subject of several recent research reports. Zacks Investment Research cut Fulgent Genetics from a “buy” rating to a “hold” rating in a research note on Thursday, September 3rd. Piper Sandler upped their target price on Fulgent Genetics from $68.00 to $73.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. BTIG Research initiated coverage on Fulgent Genetics in a research note on Friday, May 29th. They set a “buy” rating and a $20.00 target price for the company. BidaskClub cut Fulgent Genetics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Finally, Oppenheimer restated a “buy” rating and set a $75.00 target price on shares of Fulgent Genetics in a research note on Thursday, August 27th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $33.47.

In other news, CFO Paul Kim sold 136,643 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $42.12, for a total value of $5,755,403.16. Following the transaction, the chief financial officer now owns 471,109 shares of the company’s stock, valued at $19,843,111.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jian Xie sold 1,976 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $27.86, for a total value of $55,051.36. Following the completion of the sale, the chief operating officer now owns 603,712 shares of the company’s stock, valued at $16,819,416.32. The disclosure for this sale can be found here. Insiders sold 256,898 shares of company stock worth $10,727,923 in the last ninety days. 45.00% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of FLGT. New York State Common Retirement Fund acquired a new stake in Fulgent Genetics in the first quarter valued at $332,000. Bank of New York Mellon Corp acquired a new stake in Fulgent Genetics during the 1st quarter worth about $566,000. Russell Investments Group Ltd. grew its holdings in Fulgent Genetics by 599.6% during the 1st quarter. Russell Investments Group Ltd. now owns 285,279 shares of the company’s stock worth $3,073,000 after acquiring an additional 244,499 shares during the period. Acadian Asset Management LLC grew its holdings in Fulgent Genetics by 66.6% during the 1st quarter. Acadian Asset Management LLC now owns 218,106 shares of the company’s stock worth $2,347,000 after acquiring an additional 87,218 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new stake in Fulgent Genetics during the 1st quarter worth about $65,000. Institutional investors and hedge funds own 61.08% of the company’s stock.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides genetic testing services to physicians with clinically actionable diagnostic information. Its technology platform integrates data comparison and suppression algorithms, learning software, and genetic diagnostics tools and integrated laboratory processes.

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