Citigroup Cuts 10x Genomics (NASDAQ:TXG) Price Target to $23.00

10x Genomics (NASDAQ:TXG) had its price target lowered by Citigroup from $35.00 to $23.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also weighed in on TXG. Deutsche Bank Aktiengesellschaft lowered 10x Genomics from a “buy” rating to a “hold” rating and lowered their price objective for the company from $55.00 to $25.00 in a report on Wednesday, July 10th. UBS Group lowered their target price on 10x Genomics from $25.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday. Jefferies Financial Group raised 10x Genomics from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a report on Monday, July 22nd. The Goldman Sachs Group lowered their target price on 10x Genomics from $16.00 to $14.00 and set a “sell” rating for the company in a report on Wednesday. Finally, Stephens reiterated an “overweight” rating and set a $30.00 price objective on shares of 10x Genomics in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $29.19.

10x Genomics Trading Up 1.9 %

Shares of TXG opened at $16.33 on Wednesday. The firm has a market capitalization of $1.97 billion, a P/E ratio of -10.67 and a beta of 1.85. The stock’s fifty day simple moving average is $19.85 and its 200 day simple moving average is $21.33. 10x Genomics has a twelve month low of $14.02 and a twelve month high of $57.90.

10x Genomics (NASDAQ:TXG) last released its quarterly earnings data on Tuesday, October 29th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.04. The company 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 25.07% and a negative net margin of 28.93%. The firm’s revenue was down 1.3% compared to the same quarter last year. During the same period last year, the company posted ($0.51) earnings per share. Sell-side analysts predict that 10x Genomics will post -1.35 earnings per share for the current year.

Insiders Place Their Bets

In other 10x Genomics news, insider Benjamin J. Hindson sold 4,351 shares of the 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 directly owns 345,704 shares of the company’s stock, valued at $7,788,711.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Justin J. Mcanear sold 2,961 shares of the stock in a transaction dated Thursday, August 22nd. The shares were 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 in the company, valued at approximately $3,227,242.26. 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 accessible through this hyperlink. Also, insider Benjamin J. Hindson sold 4,351 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $22.53, for a total transaction of $98,028.03. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 14,061 shares of company stock valued at $316,794 over the last three months. 10.03% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its holdings in shares of 10x Genomics by 113.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 698 shares of the company’s stock worth $26,000 after buying an additional 371 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of 10x Genomics by 451.8% in the third quarter. GAMMA Investing LLC now owns 1,545 shares of the company’s stock worth $35,000 after acquiring an additional 1,265 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of 10x Genomics during the third quarter valued at approximately $35,000. First Horizon Advisors Inc. increased its holdings in shares of 10x Genomics by 74.1% in the second quarter. First Horizon Advisors Inc. now owns 1,898 shares of the company’s stock valued at $37,000 after purchasing an additional 808 shares in the last quarter. Finally, Covestor Ltd raised its position in 10x Genomics by 501.7% in the 1st quarter. Covestor Ltd now owns 1,047 shares of the company’s stock worth $39,000 after purchasing an additional 873 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.