Fulgent Genetics, Inc. (NASDAQ:FLGT) Short Interest Up 19.6% in March

Fulgent Genetics, Inc. (NASDAQ:FLGT) saw 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 daily trading volume, of 407,500 shares, the short-interest ratio is currently 4.0 days. Currently, 8.3% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FLGT shares. StockNews.com raised shares of Fulgent Genetics from a “sell” rating to a “hold” rating in a research note 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 Trading Down 1.9 %

Shares of NASDAQ:FLGT traded down $0.34 on Thursday, reaching $17.28. The company had a trading volume of 89,429 shares, compared to its average volume of 245,975. The firm has a market capitalization of $533.36 million, a PE ratio of -3.13 and a beta of 1.54. Fulgent Genetics has a 52-week low of $14.57 and a 52-week high of $25.11. The firm’s 50 day simple moving average is $16.81 and its 200-day simple moving average is $18.56.

Insider Buying and Selling at Fulgent Genetics

In other news, CFO Paul Kim bought 100,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was acquired at an average cost of $15.96 per share, for a total transaction of $1,596,000.00. Following the acquisition, the chief financial officer now owns 348,282 shares of the company’s stock, valued at $5,558,580.72. This represents a 40.28 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 32.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fulgent Genetics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd bought a new stake in shares of Fulgent Genetics in the 3rd quarter valued at about $46,000. GAMMA Investing LLC lifted its position in Fulgent Genetics by 45.5% during the fourth quarter. GAMMA Investing LLC now owns 2,133 shares of the company’s stock valued at $39,000 after acquiring an additional 667 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Fulgent Genetics by 267.4% in the fourth quarter. Russell Investments Group Ltd. now owns 2,693 shares of the company’s stock valued at $50,000 after acquiring an additional 1,960 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Fulgent Genetics in the fourth quarter worth $57,000. Finally, State of Wyoming acquired a new position in shares of Fulgent Genetics during the fourth quarter worth $57,000. Hedge funds and other institutional investors own 48.06% of the company’s stock.

About Fulgent Genetics

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.