The stock of Fulgent Genetics, Inc. (NASDAQ:FLGT) is now priced at $29.56 and the shares are -0.69 points down or -2.28% lower compared to its previous closing price of $30.25. The stock had 1.944 million contracts set over the past session. FLGT shares’ daily volume is compared to its average trading volume at 0.663 million shares. However, it has a float of 10.73 million and although its performance was -35.23% over the week, it’s one to watch. Analysts have given the FLGT stock a yearly average price target of $17.33 per share. It means the stock’s downside potential is -41.37% with the FLGT share price recently placing at $28.0002 to $31.49. However, some brokerage firms have priced the stock below the average, including one that has called $13.
The shorts are running away from the Fulgent Genetics, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the FLGT shares have declined. Short interest in the stock represents just 8.64% of its float, but the volume has dropped by -17144. The volume of shorted shares dropped to 926937 from 944081 shares over the last two weeks. The average intraday trading volume has been 754582 shares, which means that days to cover moved to roughly 1.228411.
In the last trading session, Fulgent Genetics, Inc. (NASDAQ:FLGT) dropped by -$16.08 over the week and gained $1.14 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $52.47. The stock recorded its established 52-week high on 08/20/20.
Since 03/16/20, the stock has traded to a low of $6.7 at 341.19%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.98. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Fulgent Genetics, Inc.’s two-week RSI is 40.69. This suggests that the stock is neutral at the moment and that FLGT shares’ price movement remains stable. The stochastic readings are equally revealing at 5.43% meaning the FLGT share price is currently in overbought territory.
The technical chart shows that the FLGT stock will likely settle at between $31.37 and $33.17 per share. However, if the stock dips below $27.88, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $26.19.
Currently, the stock is trading in the red of MACD, with a reading of -10.54. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned FLGT a rating of Outperform in their intiating review released on August 20. BTIG Research analysts see the stock as a Buy with a target price of $20 in a flash note released to investors on May 29 initiating covering the stock. Piper Jaffray seeing the improvements upgraded the stock from Neutral to Overweight on November 05.
The average rating for the FLGT equity is 2 and is currently gathering a bullish momentum. Of 4 analysts tracking Fulgent Genetics, Inc. polled by Reuters, 1 rated FLGT as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the FLGT stock price is 14.15X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 227.4 above the group’s average of 65. Fulgent Genetics, Inc. has its P/E ratio at 7.4, which means that the stock is currently trading at a premium relative to the 5.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Fulgent Genetics, Inc. (NASDAQ:FLGT) will decrease by about -99.73%, which will see them reach $46.65 million. The company’s full-year revenues are, however, expected to increase by about 294.93%, up from $32.53 million to $128 million. FLGT’s expected adjusted earnings should surge almost 278.57% to end up at $0.53 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 526.32% to record $1.19/share.