10x Genomics (NASDAQ:TXG) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

10x Genomics (NASDAQ:TXG) posted its quarterly earnings results on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.04, Briefing.com reports. The business had revenue of $151.65 million for the quarter, compared to analyst estimates of $158.84 million. 10x Genomics had a negative return on equity of 28.23% and a negative net margin of 37.90%. The business’s revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.51) EPS. 10x Genomics updated its FY 2024 guidance to EPS.

10x Genomics Stock Down 2.8 %

Shares of NASDAQ TXG traded down $0.46 during mid-day trading on Thursday, hitting $16.03. 2,318,436 shares of the company traded hands, compared to its average volume of 1,704,195. 10x Genomics has a 1 year low of $14.02 and a 1 year high of $57.90. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of -10.48 and a beta of 1.85. The business has a 50 day moving average of $19.99 and a two-hundred day moving average of $21.45.

Insider Activity

In related news, CEO Serge Saxonov sold 6,749 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total value of $152,054.97. Following the completion of the sale, the chief executive officer now directly owns 882,467 shares of the company’s stock, valued at approximately $19,881,981.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Serge Saxonov sold 6,749 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 transaction of $152,054.97. Following the completion of the sale, the chief executive officer now directly owns 882,467 shares of the company’s stock, valued at $19,881,981.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin J. Hindson sold 4,351 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 $98,028.03. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 14,061 shares of company stock valued at $316,794 over the last three months. Insiders own 10.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TXG. Morgan Stanley lowered their price objective on 10x Genomics from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. The Goldman Sachs Group lowered their price objective on 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research note on Wednesday. Barclays lowered their price objective on 10x Genomics from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Stifel Nicolaus lowered their price objective on 10x Genomics from $53.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, July 16th. Finally, Canaccord Genuity Group lowered their price objective on 10x Genomics from $32.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.31.

About 10x Genomics

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.