10x Genomics (NASDAQ:TXG) Shares Down 5.8%

10x Genomics, Inc. (NASDAQ:TXG) shares were down 5.8% during trading on Wednesday . The company traded as low as $20.06 and last traded at $20.08. Approximately 792,972 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 1,612,750 shares. The stock had previously closed at $21.31.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. The Goldman Sachs Group cut their target price on 10x Genomics from $26.00 to $16.00 and set a “sell” rating for the company in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft cut shares of 10x Genomics from a “buy” rating to a “hold” rating and decreased their target price for the company from $55.00 to $25.00 in a research report on Wednesday, July 10th. Guggenheim reissued a “neutral” rating on shares of 10x Genomics in a research report on Tuesday, June 25th. Wolfe Research restated a “peer perform” rating on shares of 10x Genomics in a research note on Thursday, June 27th. Finally, Morgan Stanley cut their price objective on 10x Genomics from $50.00 to $46.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $31.60.

10x Genomics Trading Down 5.5 %

The stock has a fifty day simple moving average of $21.57 and a 200-day simple moving average of $24.29. The company has a market capitalization of $2.43 billion, a PE ratio of -8.95 and a beta of 1.85.

10x Genomics (NASDAQ:TXG) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.15. 10x Genomics had a negative return on equity of 28.23% and a negative net margin of 37.90%. The firm had revenue of $153.10 million during the quarter, compared to the consensus estimate of $150.90 million. As a group, equities research analysts predict that 10x Genomics, Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling

In other 10x Genomics news, insider Benjamin J. Hindson sold 4,351 shares of 10x Genomics stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $98,028.03. Following the transaction, the insider now owns 345,704 shares of the company’s stock, valued at $7,788,711.12. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Benjamin J. Hindson sold 4,351 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $98,028.03. Following the completion of the sale, the insider now owns 345,704 shares in the company, valued at $7,788,711.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Justin J. Mcanear sold 2,961 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $66,711.33. Following the completion of the sale, the chief financial officer now owns 143,242 shares of the company’s stock, valued at approximately $3,227,242.26. The disclosure for this sale can be found here. Insiders have sold 14,061 shares of company stock worth $316,794 in the last ninety days. 10.03% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On 10x Genomics

Large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its holdings in shares of 10x Genomics by 113.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after acquiring an additional 371 shares during the period. Treasurer of the State of North Carolina raised its stake in shares of 10x Genomics by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 40,717 shares of the company’s stock worth $2,279,000 after buying an additional 400 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of 10x Genomics by 74.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock worth $37,000 after buying an additional 808 shares in the last quarter. Covestor Ltd grew its stake in 10x Genomics by 501.7% in the 1st quarter. Covestor Ltd now owns 1,047 shares of the company’s stock valued at $39,000 after acquiring an additional 873 shares during the last quarter. Finally, Mirador Capital Partners LP increased its holdings in 10x Genomics by 3.4% during the 1st quarter. Mirador Capital Partners LP now owns 28,825 shares of the company’s stock valued at $1,082,000 after acquiring an additional 940 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

10x Genomics Company Profile

10x Genomics, Inc, a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in the America, Europe, the Middle East, Africa, China, and the Asia Pacific. The company provides chromium, chromium connect, and chromium controller instruments, microfluidic chips, slides, reagents, and other consumables products.