10x Genomics (NASDAQ:TXG) Stock Price Down 4.9% – Here’s Why

10x Genomics, Inc. (NASDAQ:TXG) shares dropped 4.9% on Thursday . The stock traded as low as $14.24 and last traded at $14.24. Approximately 83,224 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 1,786,313 shares. The stock had previously closed at $14.98.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Barclays reduced their price target on shares of 10x Genomics from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. Stephens restated an “overweight” rating and issued a $30.00 price target on shares of 10x Genomics in a report on Thursday, October 10th. Morgan Stanley cut their price objective on 10x Genomics from $30.00 to $28.00 and set an “overweight” rating on the stock in a report on Monday, January 13th. Canaccord Genuity Group dropped 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. Finally, The Goldman Sachs Group lowered their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.86.

10x Genomics Trading Down 0.1 %

The stock has a market capitalization of $1.83 billion, a P/E ratio of -9.86 and a beta of 1.83. The business has a 50-day moving average price of $14.96 and a two-hundred day moving average price of $17.96.

10x Genomics (NASDAQ:TXG) last issued its earnings results on Tuesday, October 29th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.04. 10x Genomics had a negative net margin of 28.93% and a negative return on equity of 25.07%. The company had revenue of $151.65 million during the quarter, compared to analysts’ expectations of $158.84 million. During the same period in the previous year, the company earned ($0.51) EPS. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. On average, sell-side analysts forecast that 10x Genomics, Inc. will post -1.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 10x Genomics

Large investors have recently bought and sold shares of the company. KBC Group NV grew its position in shares of 10x Genomics by 38.8% in the 3rd quarter. KBC Group NV now owns 3,225 shares of the company’s stock valued at $73,000 after buying an additional 902 shares during the last quarter. First Horizon Advisors Inc. lifted its position in shares of 10x Genomics by 53.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 2,910 shares of the company’s stock worth $66,000 after purchasing an additional 1,012 shares during the period. Blue Trust Inc. boosted its holdings in 10x Genomics by 136.5% in the third quarter. Blue Trust Inc. now owns 1,776 shares of the company’s stock worth $40,000 after acquiring an additional 1,025 shares in the last quarter. GAMMA Investing LLC raised its position in shares of 10x Genomics by 451.8% during the third quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after purchasing an additional 1,265 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in 10x Genomics in the 3rd quarter valued at $35,000. 84.68% of the stock is currently owned by institutional investors.

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.