Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Update

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 326,900 shares, a growth of 8.6% from the August 15th total of 300,900 shares. Based on an average trading volume of 278,500 shares, the short-interest ratio is currently 1.2 days.

Hedge Funds Weigh In On Co-Diagnostics

A hedge fund recently raised its stake in Co-Diagnostics stock. SMI Advisory Services LLC boosted its stake in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) by 117.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 38,089 shares of the company’s stock after purchasing an additional 20,590 shares during the period. SMI Advisory Services LLC owned approximately 0.12% of Co-Diagnostics worth $43,000 at the end of the most recent quarter. 14.99% of the stock is owned by institutional investors.

Co-Diagnostics Stock Performance

CODX stock traded up $0.02 during midday trading on Wednesday, reaching $1.28. The stock had a trading volume of 39,276 shares, compared to its average volume of 149,747. The stock has a market cap of $40.04 million, a PE ratio of -0.98 and a beta of -0.86. The firm has a fifty day simple moving average of $1.29 and a two-hundred day simple moving average of $1.23. Co-Diagnostics has a 52-week low of $0.98 and a 52-week high of $2.23.

Co-Diagnostics (NASDAQ:CODX) last issued its earnings results on Thursday, August 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.09. The company had revenue of $2.66 million during the quarter, compared to analyst estimates of $0.40 million. Co-Diagnostics had a negative return on equity of 44.69% and a negative net margin of 411.18%. On average, sell-side analysts predict that Co-Diagnostics will post -1.23 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, HC Wainwright reduced their target price on Co-Diagnostics from $2.00 to $1.50 and set a “neutral” rating for the company in a research note on Monday, August 12th.

About Co-Diagnostics

Co-Diagnostics, Inc, a molecular diagnostics company, develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States and internationally. The company offers Co-Dx PCR platform, a polymerase chain reaction (PCR) testing to patients in point-of-care and at-home setting.