Short Interest in Fulgent Genetics, Inc. (NASDAQ:FLGT) Expands By 8.7%

Fulgent Genetics, Inc. (NASDAQ:FLGT) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 783,400 shares, an increase of 8.7% from the May 31st total of 720,900 shares. Based on an average daily volume of 159,300 shares, the short-interest ratio is presently 4.9 days. Approximately 4.1% of the shares of the company are sold short.

Institutional Investors Weigh In On Fulgent Genetics

Several institutional investors have recently bought and sold shares of FLGT. Invesco Ltd. lifted its holdings in Fulgent Genetics by 150.3% in the third quarter. Invesco Ltd. now owns 312,627 shares of the company’s stock worth $8,360,000 after purchasing an additional 187,717 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Fulgent Genetics by 11.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,447,153 shares of the company’s stock worth $41,839,000 after purchasing an additional 147,505 shares during the period. Park West Asset Management LLC lifted its holdings in Fulgent Genetics by 23.1% in the fourth quarter. Park West Asset Management LLC now owns 424,783 shares of the company’s stock worth $12,280,000 after purchasing an additional 79,649 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Fulgent Genetics by 98.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,792 shares of the company’s stock worth $1,883,000 after purchasing an additional 42,998 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Fulgent Genetics by 14.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 267,313 shares of the company’s stock worth $7,728,000 after purchasing an additional 33,141 shares during the period. Institutional investors and hedge funds own 48.06% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler reduced their price target on shares of Fulgent Genetics from $28.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, March 6th.

Fulgent Genetics Stock Performance

Shares of FLGT opened at $19.93 on Thursday. Fulgent Genetics has a 1 year low of $18.91 and a 1 year high of $44.09. The company has a market cap of $596.31 million, a price-to-earnings ratio of -3.58 and a beta of 1.38. The firm has a fifty day moving average of $20.79 and a 200-day moving average of $23.28.

Fulgent Genetics (NASDAQ:FLGT) last announced its quarterly earnings results on Friday, May 3rd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.58) by $0.20. Fulgent Genetics had a negative net margin of 57.72% and a negative return on equity of 2.92%. The company had revenue of $64.49 million during the quarter, compared to the consensus estimate of $65.74 million. Analysts predict that Fulgent Genetics will post -2.12 EPS for the current year.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company's clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.