FLGT - Got $2500? This Dirt Cheap Growth Stock Could Be Worth Buying Hand Over Fist
2023-06-06 07:45:00 ET
If you're looking to invest $2,500 somewhere it'll grow, but you're a bit leery of buying an increasingly overpriced and hyped-up growth stock like Nvidia , Fulgent Genetics (NASDAQ: FLGT) might be up your alley. Its shares are priced for bargain hunters, and its growth prospects are plentiful.
Of course, it's usually the case that a promising company selling cheap has experienced a few bumps in the road, and the same is true for this one. Let's examine its recent performance to see if that matters and whether it'd be a fitting addition to your portfolio.
Let's get all the bad news out of the way at once: Fulgent's shares have declined 25% in the past 12 months, and its quarterly revenue fell by 47% in the same period, arriving at $66.1 million in sales for the first quarter of 2023. Whereas the company spent the first part of the pandemic raking in millions by offering coronavirus diagnostic testing services, demand for COVID testing is plummeting, and it (hopefully) won't be recovering anytime soon. So that leaves Fulgent with the task of expanding its other sources of revenue, like for its genetic testing services.
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Got $2,500? This Dirt Cheap Growth Stock Could Be Worth Buying Hand Over Fist