Summit Partners Public Asset Management LLC Takes $7.34 Million Position in GeneDx Holdings Corp. (NASDAQ:WGS)

Summit Partners Public Asset Management LLC purchased a new stake in shares of GeneDx Holdings Corp. (NASDAQ:WGS) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 172,945 shares of the company’s stock, valued at approximately $7,340,000.

Several other hedge funds have also added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in GeneDx during the 2nd quarter worth about $34,000. nVerses Capital LLC acquired a new stake in shares of GeneDx during the 2nd quarter worth approximately $50,000. CWM LLC bought a new stake in shares of GeneDx during the third quarter worth approximately $89,000. American Century Companies Inc. lifted its holdings in GeneDx by 36.1% in the second quarter. American Century Companies Inc. now owns 17,258 shares of the company’s stock valued at $451,000 after buying an additional 4,573 shares during the period. Finally, SG Americas Securities LLC bought a new position in GeneDx in the third quarter valued at approximately $198,000. Institutional investors own 61.72% of the company’s stock.

Insider Buying and Selling at GeneDx

In other GeneDx news, CFO Kevin Feeley sold 895 shares of GeneDx stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $33.33, for a total value of $29,830.35. Following the sale, the chief financial officer now owns 39,910 shares of the company’s stock, valued at $1,330,200.30. This trade represents a 2.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $75.00, for a total value of $64,935,000.00. Following the transaction, the insider now directly owns 2,866,833 shares of the company’s stock, valued at $215,012,475. This represents a 23.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,109,109 shares of company stock valued at $81,980,692. 27.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on WGS shares. Craig Hallum upped their target price on shares of GeneDx from $70.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group increased their target price on GeneDx from $54.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company boosted their target price on GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, GeneDx currently has an average rating of “Moderate Buy” and a consensus price target of $59.33.

GeneDx Stock Performance

Shares of GeneDx stock opened at $79.43 on Friday. The stock’s fifty day simple moving average is $62.14 and its 200 day simple moving average is $40.95. The company has a current ratio of 2.40, a quick ratio of 2.27 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $2.18 billion, a PE ratio of -25.54 and a beta of 2.11. GeneDx Holdings Corp. has a 12 month low of $1.45 and a 12 month high of $89.11.

GeneDx (NASDAQ:WGS) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.25. GeneDx had a negative return on equity of 13.35% and a negative net margin of 31.25%. The company had revenue of $76.90 million for the quarter, compared to analyst estimates of $64.98 million. During the same quarter last year, the firm posted ($0.82) earnings per share. GeneDx’s revenue was up 44.3% compared to the same quarter last year. On average, research analysts predict that GeneDx Holdings Corp. will post -0.24 EPS for the current year.

GeneDx Profile

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.