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

Fulgent Genetics, Inc. (NASDAQ:FLGT)’s share price passed 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 changing hands.

Wall Street Analysts Forecast Growth

FLGT has been the subject of several research analyst reports. Piper Sandler reaffirmed a “neutral” rating and issued a $15.00 price objective (down from $30.00) on shares of Fulgent Genetics in a report on Tuesday, May 5th. Wall Street Zen raised shares of Fulgent Genetics from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 30th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fulgent Genetics has an average rating of “Hold” and an average price target of $27.00.

Fulgent Genetics Price Performance

The company has a fifty day simple moving average of $16.80 and a two-hundred day simple moving average of $20.77. The company has a market capitalization of $510.06 million, a P/E ratio of -7.51 and a beta of 0.94.

Insider Transactions at Fulgent Genetics

In other news, COO Jian Xie sold 2,146 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $17.89, for a total transaction of $38,391.94. Following the sale, the chief operating officer owned 367,605 shares in the company, valued at approximately $6,576,453.45. This represents a 0.58% decrease in their ownership of the stock. 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 firm’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 transaction of $30,198.32. Following the completion of the sale, the insider directly owned 990,374 shares of the company’s stock, valued at approximately $17,717,790.86. This represents a 0.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 5,980 shares of company stock worth $106,360. 36.18% of the stock is currently owned by insiders.

Institutional Trading of Fulgent Genetics

A number of institutional investors have recently bought and sold shares of FLGT. Northwestern Mutual Wealth Management Co. boosted its position in shares of Fulgent Genetics by 2,984,354.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,522,072 shares of the company’s stock worth $39,985,000 after purchasing an additional 1,522,021 shares in the last quarter. Millennium Management LLC boosted its stake in Fulgent Genetics by 1.8% in the 3rd quarter. Millennium Management LLC now owns 1,468,844 shares of the company’s stock worth $33,196,000 after purchasing an additional 26,582 shares during the period. Vanguard Group Inc. increased its holdings in Fulgent Genetics by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 1,179,254 shares of the company’s stock worth $26,651,000 after purchasing an additional 13,295 shares in the last quarter. RTW Investments LP bought a new position in shares of Fulgent Genetics during the fourth quarter worth about $18,521,000. Finally, Geode Capital Management LLC grew its stake in shares of Fulgent Genetics by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 508,224 shares of the company’s stock worth $13,353,000 after acquiring an additional 6,553 shares in the last quarter. Institutional investors and hedge funds 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.