Principal Financial Group Inc. Takes $604,000 Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Principal Financial Group Inc. purchased a new stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 14,240 shares of the company’s stock, valued at approximately $604,000. Principal Financial Group Inc. owned 0.05% of GeneDx as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of WGS. Acadian Asset Management LLC bought a new stake in shares of GeneDx during the 2nd quarter worth approximately $34,000. nVerses Capital LLC purchased a new position in GeneDx in the 2nd quarter worth about $50,000. CWM LLC bought a new stake in GeneDx during the 3rd quarter valued at about $89,000. SG Americas Securities LLC bought a new position in GeneDx in the 3rd quarter worth about $198,000. Finally, Palumbo Wealth Management LLC bought a new stake in shares of GeneDx during the third quarter valued at approximately $287,000. 61.72% of the stock is currently owned by institutional investors.

GeneDx Stock Performance

Shares of WGS stock opened at $78.71 on Friday. GeneDx Holdings Corp. has a 12-month low of $1.41 and a 12-month high of $89.11. The business’s fifty day simple moving average is $59.61 and its 200-day simple moving average is $39.69. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. The company has a market cap of $2.16 billion, a PE ratio of -25.31 and a beta of 2.11.

GeneDx (NASDAQ:WGS) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.25. The business had revenue of $76.90 million for the quarter, compared to analyst estimates of $64.98 million. GeneDx had a negative return on equity of 13.35% and a negative net margin of 31.25%. The company’s revenue was up 44.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.82) earnings per share. Analysts expect that GeneDx Holdings Corp. will post -0.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

WGS has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their target price on GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Craig Hallum raised their target price on shares of GeneDx from $70.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. BTIG Research upped their price target on shares of GeneDx from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. TD Cowen boosted their price objective on shares of GeneDx from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company lifted their price target on GeneDx from $34.00 to $75.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.33.

Insider Activity

In other news, CFO Kevin Feeley sold 895 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $33.33, for a total value of $29,830.35. Following the sale, the chief financial officer now directly owns 39,910 shares of the company’s stock, valued at $1,330,200.30. This represents a 2.19 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $75.00, for a total transaction of $64,935,000.00. Following the transaction, the insider now directly owns 2,866,833 shares of the company’s stock, valued at approximately $215,012,475. This trade represents a 23.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,097,090 shares of company stock valued at $81,094,171 over the last ninety days. 27.30% of the stock is currently owned by insiders.

GeneDx Profile

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.