Fulgent Genetics, Inc. (NASDAQ:FLGT) Sees Significant Growth in Short Interest

Fulgent Genetics, Inc. (NASDAQ:FLGT) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,650,000 shares, an increase of 19.6% from the February 28th total of 1,380,000 shares. Based on an average trading volume of 407,500 shares, the short-interest ratio is presently 4.0 days. Currently, 8.3% of the shares of the company are sold short.

Fulgent Genetics Trading Down 1.9 %

Shares of Fulgent Genetics stock traded down $0.34 during trading hours on Thursday, reaching $17.28. The stock had a trading volume of 89,429 shares, compared to its average volume of 245,975. The stock’s 50 day moving average is $16.81 and its 200 day moving average is $18.56. Fulgent Genetics has a twelve month low of $14.57 and a twelve month high of $25.11. The firm has a market capitalization of $533.36 million, a PE ratio of -3.13 and a beta of 1.54.

Insider Buying and Selling at Fulgent Genetics

In related news, CFO Paul Kim purchased 100,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $15.96 per share, with a total value of $1,596,000.00. Following the transaction, the chief financial officer now owns 348,282 shares of the company’s stock, valued at approximately $5,558,580.72. This trade represents a 40.28 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 32.66% of the company’s stock.

Hedge Funds Weigh In On Fulgent Genetics

A number of large investors have recently bought and sold shares of FLGT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Fulgent Genetics by 13.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 50,654 shares of the company’s stock valued at $936,000 after buying an additional 5,986 shares in the last quarter. Squarepoint Ops LLC grew its stake in Fulgent Genetics by 178.3% in the 4th quarter. Squarepoint Ops LLC now owns 41,608 shares of the company’s stock valued at $768,000 after acquiring an additional 26,659 shares during the period. Two Sigma Advisers LP grew its stake in Fulgent Genetics by 29.7% in the 4th quarter. Two Sigma Advisers LP now owns 83,000 shares of the company’s stock valued at $1,533,000 after acquiring an additional 19,000 shares during the period. State of Wyoming purchased a new stake in Fulgent Genetics in the 4th quarter worth $57,000. Finally, Quantinno Capital Management LP acquired a new position in Fulgent Genetics during the fourth quarter worth $242,000. Institutional investors and hedge funds own 48.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FLGT. StockNews.com raised Fulgent Genetics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Piper Sandler dropped their price objective on shares of Fulgent Genetics from $22.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th.

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.