10x Genomics (NASDAQ:TXG) Given New $23.00 Price Target at Citigroup

10x Genomics (NASDAQ:TXG) had its price target decreased by equities research analysts at Citigroup from $35.00 to $23.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 38.55% from the company’s previous close.

Other research analysts have also issued research reports about the company. Morgan Stanley decreased their target price on 10x Genomics from $50.00 to $46.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Barclays decreased their price objective on 10x Genomics from $24.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Stephens reissued an “overweight” rating and set a $30.00 price objective on shares of 10x Genomics in a research report on Thursday, October 10th. Stifel Nicolaus cut their price objective on 10x Genomics from $53.00 to $25.00 and set a “buy” rating for the company in a research report on Tuesday, July 16th. Finally, UBS Group cut their target price on 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.31.

10x Genomics Price Performance

Shares of TXG stock traded up $0.81 during trading on Wednesday, hitting $16.60. 2,225,029 shares of the stock traded hands, compared to its average volume of 1,696,382. The firm’s fifty day moving average price is $20.25 and its 200-day moving average price is $21.52. 10x Genomics has a 52-week low of $14.02 and a 52-week high of $57.90. The firm has a market capitalization of $2.00 billion, a P/E ratio of -10.85 and a beta of 1.85.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.04. The business had revenue of $151.65 million during the quarter, compared to analysts’ expectations of $158.84 million. 10x Genomics had a negative return on equity of 28.23% and a negative net margin of 37.90%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.51) earnings per share. As a group, equities research analysts expect that 10x Genomics will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Benjamin J. Hindson sold 4,351 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $98,028.03. Following the completion of the sale, the insider now directly owns 345,704 shares of the company’s stock, valued at $7,788,711.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Benjamin J. Hindson sold 4,351 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $98,028.03. Following the transaction, the insider now directly owns 345,704 shares in the company, valued at $7,788,711.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Justin J. Mcanear sold 2,961 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total value of $66,711.33. Following the sale, the chief financial officer now owns 143,242 shares of the company’s stock, valued at approximately $3,227,242.26. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,061 shares of company stock valued at $316,794. Insiders own 10.03% of the company’s stock.

Institutional Trading of 10x Genomics

A number of hedge funds have recently modified their holdings of the business. ARK Investment Management LLC lifted its stake in 10x Genomics by 48.2% in the second quarter. ARK Investment Management LLC now owns 9,313,763 shares of the company’s stock valued at $181,153,000 after acquiring an additional 3,029,951 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of 10x Genomics by 69.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,143,067 shares of the company’s stock worth $119,483,000 after purchasing an additional 2,521,289 shares during the last quarter. Nikko Asset Management Americas Inc. grew its stake in shares of 10x Genomics by 58.6% during the first quarter. Nikko Asset Management Americas Inc. now owns 3,621,778 shares of the company’s stock valued at $135,780,000 after purchasing an additional 1,338,248 shares during the last quarter. Deerfield Management Company L.P. Series C bought a new position in shares of 10x Genomics in the 2nd quarter valued at about $11,612,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of 10x Genomics by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,657,227 shares of the company’s stock valued at $137,257,000 after purchasing an additional 553,053 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

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.