10x Genomics (NASDAQ:TXG) Issues Earnings Results

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

10x Genomics Stock Up 0.2 %

Shares of NASDAQ:TXG opened at $16.53 on Thursday. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -10.78 and a beta of 1.85. The business has a 50 day moving average price of $20.12 and a 200 day moving average price of $21.49. 10x Genomics has a twelve month low of $14.02 and a twelve month high of $57.90.

Analysts Set New Price Targets

Several research analysts have weighed in on TXG shares. Barclays dropped their target price on 10x Genomics from $24.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. Citigroup dropped their price objective on 10x Genomics from $35.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday. Bank of America reduced their target price on shares of 10x Genomics from $36.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, July 18th. JPMorgan Chase & Co. dropped their price target on shares of 10x Genomics from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, The Goldman Sachs Group reduced their price objective on shares of 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a research note on Wednesday. One investment 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.31.

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 transaction of $98,028.03. Following the transaction, the insider now owns 345,704 shares of the company’s stock, valued at approximately $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 SEC, which is available through this hyperlink. In related news, insider Benjamin J. Hindson sold 4,351 shares of 10x Genomics stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $22.53, for a total transaction of $98,028.03. Following the sale, the insider now directly owns 345,704 shares of the company’s stock, valued at $7,788,711.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $22.53, for a total value of $66,711.33. Following the completion of the sale, the chief financial officer now owns 143,242 shares of the company’s stock, valued at $3,227,242.26. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,061 shares of company stock valued at $316,794 in the last three months. Company insiders own 10.03% 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.