Fulgent Genetics (NASDAQ:FLGT) Stock Price Crosses Below 200-Day Moving Average – Here’s What Happened

Fulgent Genetics, Inc. (NASDAQ:FLGT) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $20.77 and traded as low as $17.75. Fulgent Genetics shares last traded at $17.96, with a volume of 684,421 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Wall Street Zen upgraded Fulgent Genetics from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 30th. Piper Sandler reaffirmed a “neutral” rating and issued a $15.00 target price (down from $30.00) on shares of Fulgent Genetics in a research report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Fulgent Genetics has an average rating of “Hold” and an average price target of $27.00.

Fulgent Genetics Price Performance

The stock has a market cap of $510.06 million, a P/E ratio of -7.51 and a beta of 0.94. The business’s fifty day moving average price is $16.80 and its 200 day moving average price is $20.77.

Insiders Place Their Bets

In other news, COO Jian Xie sold 2,146 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $17.89, for a total value of $38,391.94. Following the transaction, the chief operating officer owned 367,605 shares in the company, valued at approximately $6,576,453.45. The trade was a 0.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hanlin Gao sold 1,688 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $17.89, for a total transaction of $30,198.32. Following the completion of the transaction, the insider owned 990,374 shares in the company, valued at approximately $17,717,790.86. The trade was a 0.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 5,980 shares of company stock valued at $106,360 over the last 90 days. 36.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its position in Fulgent Genetics by 2,984,354.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company’s stock valued at $39,985,000 after purchasing an additional 1,522,021 shares during the period. RTW Investments LP purchased a new stake in Fulgent Genetics in the 4th quarter valued at $18,521,000. JPMorgan Chase & Co. raised its holdings in shares of Fulgent Genetics by 767.0% in the third quarter. JPMorgan Chase & Co. now owns 299,014 shares of the company’s stock valued at $6,758,000 after purchasing an additional 264,524 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Fulgent Genetics by 89.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 348,533 shares of the company’s stock valued at $9,156,000 after acquiring an additional 164,535 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Fulgent Genetics by 374.7% during the first quarter. Quantinno Capital Management LP now owns 137,479 shares of the company’s stock valued at $2,186,000 after acquiring an additional 108,519 shares during the last quarter. Institutional investors own 48.06% of the company’s stock.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc (NASDAQ: FLGT) is a California-based company specializing in high-complexity genetic testing and diagnostic services. Operating from its headquarters in Temple City, Fulgent leverages next-generation sequencing (NGS) technologies and advanced bioinformatics to deliver a broad range of clinical and research assays. The company’s infrastructure includes CAP- and CLIA-certified laboratories, enabling it to process large volumes of samples with rapid turnaround times.

Fulgent’s product portfolio encompasses hereditary cancer panels, rare disease and neuromuscular disorder testing, pharmacogenomic screenings, non-invasive prenatal tests, and infectious disease assays including COVID-19 diagnostics.