10x Genomics (NASDAQ:TXG) Stock Price Down 5.7% – Time to Sell?

10x Genomics, Inc. (NASDAQ:TXG)’s share price dropped 5.7% during mid-day trading on Tuesday . The stock traded as low as $9.85 and last traded at $9.80. Approximately 1,508,885 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 2,007,915 shares. The stock had previously closed at $10.39.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. UBS Group dropped their price objective on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, February 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 10x Genomics in a research report on Saturday, March 22nd. Citigroup lowered their price objective on 10x Genomics from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. JPMorgan Chase & Co. reduced their target price on 10x Genomics from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Finally, Canaccord Genuity Group decreased their target price on shares of 10x Genomics from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.21.

10x Genomics Price Performance

The firm has a market capitalization of $1.15 billion, a P/E ratio of -6.19 and a beta of 1.93. The stock’s 50 day moving average is $12.35 and its two-hundred day moving average is $15.26.

10x Genomics (NASDAQ:TXG) last posted its earnings results on Wednesday, February 12th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.08). 10x Genomics had a negative return on equity of 25.40% and a negative net margin of 29.90%. As a group, equities research analysts expect that 10x Genomics, Inc. will post -1.43 EPS for the current year.

Insider Activity at 10x Genomics

In related news, insider Benjamin J. Hindson sold 4,573 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $11.07, for a total value of $50,623.11. Following the sale, the insider now owns 335,324 shares in the company, valued at approximately $3,712,036.68. This represents a 1.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alan Mateo purchased 40,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were acquired at an average cost of $11.14 per share, with a total value of $445,600.00. Following the acquisition, the director now directly owns 61,691 shares in the company, valued at approximately $687,237.74. The trade was a 184.41 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 10.03% of the stock is owned by insiders.

Institutional Trading of 10x Genomics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of 10x Genomics by 19.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 28,497 shares of the company’s stock worth $409,000 after purchasing an additional 4,545 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of 10x Genomics by 69.1% during the fourth quarter. Mackenzie Financial Corp now owns 53,390 shares of the company’s stock worth $767,000 after buying an additional 21,817 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of 10x Genomics during the fourth quarter worth $32,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of 10x Genomics by 10.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,116,573 shares of the company’s stock valued at $30,394,000 after acquiring an additional 193,588 shares during the period. Finally, Voloridge Investment Management LLC grew its position in shares of 10x Genomics by 12.1% during the 4th quarter. Voloridge Investment Management LLC now owns 1,585,965 shares of the company’s stock worth $22,774,000 after purchasing an additional 171,161 shares in the last quarter. 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.