Fulgent Genetics(FLGT) ZACKS·2024-11-22 18:00Core Viewpoint - Fulgent Genetics, Inc. (FLGT) has received an upgrade to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for Fulgent Genetics for the fiscal year ending December 2024 is projected at $0.33 per share, reflecting a substantial increase of 180.5% compared to the previous year [9]. - Over the past three months, the Zacks Consensus Estimate for the company has risen by 42.1%, indicating a trend of increasing earnings estimates [9]. Zacks Rating System - The Zacks rating system is based solely on changes in a company's earnings picture, making it a reliable tool for investors to gauge stock performance [2][3]. - The system classifies stocks into five groups, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, highlighting their superior earnings estimate revision features [10][12]. Market Implications - The upgrade in Zacks Rank for Fulgent Genetics suggests an improvement in the company's underlying business, which is expected to lead to increased buying pressure and a rise in stock price [6][12]. - The correlation between earnings estimate revisions and near-term stock movements underscores the potential for Fulgent Genetics to outperform the market [7][11].