10x Genomics (NASDAQ:TXG) Releases Earnings Results, Beats Expectations By $0.04 EPS

10x Genomics (NASDAQ:TXG) posted its quarterly earnings data on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.04, Briefing.com reports. 10x Genomics had a negative return on equity of 25.07% and a negative net margin of 28.93%. The firm had revenue of $151.65 million for the quarter, compared to the consensus estimate of $158.84 million. During the same quarter in the previous year, the business earned ($0.51) EPS. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Price Performance

10x Genomics stock opened at $16.03 on Friday. 10x Genomics has a fifty-two week low of $14.02 and a fifty-two week high of $57.90. The stock has a 50-day simple moving average of $19.99 and a 200-day simple moving average of $21.45.

Insider Buying and Selling

In related news, insider Benjamin J. Hindson sold 4,351 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other 10x Genomics news, insider Benjamin J. Hindson sold 4,351 shares of the 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 directly owns 345,704 shares of the company’s stock, valued at approximately $7,788,711.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Justin J. Mcanear sold 2,961 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $66,711.33. Following the completion of the transaction, the chief financial officer now directly owns 143,242 shares in the company, valued at approximately $3,227,242.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,061 shares of company stock worth $316,794 in the last quarter. 10.03% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TXG. JPMorgan Chase & Co. reduced their price target on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday. Canaccord Genuity Group reduced their target price on shares of 10x Genomics from $32.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, October 10th. Barclays dropped their price target on shares of 10x Genomics from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. The Goldman Sachs Group reduced their price objective on 10x Genomics from $16.00 to $14.00 and set a “sell” rating on the stock in a research note on Wednesday. Finally, Leerink Partners began coverage on 10x Genomics in a research note on Tuesday, September 3rd. They set an “outperform” rating and a $35.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, 10x Genomics currently has an average rating of “Moderate Buy” and an average target price of $29.31.

About 10x Genomics

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.