10x Genomics (NASDAQ:TXG) Trading Down 2.9% on Analyst Downgrade

Shares of 10x Genomics, Inc. (NASDAQ:TXG) fell 2.9% during trading on Tuesday after Deutsche Bank Aktiengesellschaft downgraded the stock from a buy rating to a hold rating. Deutsche Bank Aktiengesellschaft now has a $25.00 price target on the stock, down from their previous price target of $55.00. 10x Genomics traded as low as $17.92 and last traded at $17.92. 228,097 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 1,517,327 shares. The stock had previously closed at $18.45.

A number of other research firms also recently issued reports on TXG. Wolfe Research reaffirmed a “peer perform” rating on shares of 10x Genomics in a research note on Thursday, June 27th. The Goldman Sachs Group decreased their price target on shares of 10x Genomics from $26.00 to $16.00 and set a “sell” rating on the stock in a research note on Tuesday. UBS Group decreased their price target on shares of 10x Genomics from $52.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. TD Cowen downgraded shares of 10x Genomics from a “buy” rating to a “hold” rating and reduced their target price for the company from $57.00 to $32.00 in a research note on Wednesday, May 1st. Finally, Jefferies Financial Group initiated coverage on shares of 10x Genomics in a research note on Monday, June 3rd. They set a “hold” rating and a $24.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $41.92.

Insider Buying and Selling at 10x Genomics

In other news, CFO Justin J. Mcanear sold 2,936 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total value of $71,344.80. Following the completion of the transaction, the chief financial officer now directly owns 146,203 shares of the company’s stock, valued at approximately $3,552,732.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Justin J. Mcanear sold 2,936 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total value of $71,344.80. Following the completion of the transaction, the chief financial officer now directly owns 146,203 shares of the company’s stock, valued at approximately $3,552,732.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Benjamin J. Hindson sold 4,087 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $24.30, for a total value of $99,314.10. Following the completion of the transaction, the insider now directly owns 350,055 shares of the company’s stock, valued at $8,506,336.50. The disclosure for this sale can be found here. Insiders sold a total of 11,900 shares of company stock valued at $289,170 in the last ninety days. Corporate insiders own 10.03% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its stake in shares of 10x Genomics by 113.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after buying an additional 371 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of 10x Genomics by 51.6% during the fourth quarter. UMB Bank n.a. now owns 782 shares of the company’s stock valued at $44,000 after acquiring an additional 266 shares during the last quarter. Covestor Ltd raised its holdings in shares of 10x Genomics by 501.7% during the first quarter. Covestor Ltd now owns 1,047 shares of the company’s stock valued at $39,000 after acquiring an additional 873 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of 10x Genomics during the fourth quarter valued at approximately $66,000. Finally, Headlands Technologies LLC purchased a new stake in shares of 10x Genomics in the first quarter valued at approximately $71,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

10x Genomics Stock Down 13.9 %

The business has a 50-day moving average price of $22.10 and a 200-day moving average price of $34.90. The firm has a market capitalization of $1.87 billion, a PE ratio of -7.04 and a beta of 1.84.

10x Genomics (NASDAQ:TXG) last issued its quarterly earnings data on Tuesday, April 30th. The company reported ($0.50) earnings per share for the quarter, hitting the consensus estimate of ($0.50). 10x Genomics had a negative return on equity of 30.85% and a negative net margin of 42.20%. The company had revenue of $141.01 million during the quarter, compared to analyst estimates of $142.24 million. During the same period in the prior year, the business posted ($0.44) earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts anticipate that 10x Genomics, Inc. will post -1.53 earnings per share for the current year.

10x Genomics Company Profile

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.