Fulgent Genetics (FLGT) Surges 5.8%: Is This an Indication of Further Gains?
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Fulgent Genetics, Inc. FLGT shares soared 5.8% in the last trading session to close at $21.45. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 4.1% loss over the past four weeks.
Fulgent Genetics recorded a strong price rise on investors’ optimism surrounding its impending third-quarter 2024 financial results, which is slated to be released on Nov. 8, 2024, before the closing bell. The Zacks Consensus Estimate for the third quarter earnings suggests a growth of 51.2%.
This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of +51.3%. Revenues are expected to be $71.42 million, down 15.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Fulgent Genetics, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FLGT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Fulgent Genetics is a member of the Zacks Medical Info Systems industry. One other stock in the same industry, SOPHiA GENETICS SA SOPH, finished the last trading session 6.2% higher at $3.58. SOPH has returned -4.5% over the past month.
SOPHiA GENETICS's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.24. Compared to the company's year-ago EPS, this represents a change of -14.3%. SOPHiA GENETICS currently boasts a Zacks Rank of #3 (Hold).
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Fulgent Genetics, Inc. (FLGT) : Free Stock Analysis Report
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