Chembio Diagnostics, Inc. (NASDAQ:CEMI) Position Cut by New Jersey Better Educational Savings Trust

New Jersey Better Educational Savings Trust reduced its position in shares of Chembio Diagnostics, Inc. (NASDAQ:CEMI) by 68.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,000 shares of the company’s stock after selling 68,000 shares during the period. New Jersey Better Educational Savings Trust’s holdings in Chembio Diagnostics were worth $194,000 at the end of the most recent reporting period.

Shares of Chembio Diagnostics, Inc. (CEMI) opened at 6.25 on Friday. The stock’s market capitalization is $76.93 million. Chembio Diagnostics, Inc. has a 52 week low of $5.05 and a 52 week high of $7.47. The company has a 50-day moving average of $6.25 and a 200-day moving average of $6.06.

Chembio Diagnostics (NASDAQ:CEMI) last posted its quarterly earnings results on Wednesday, August 9th. The company reported ($0.18) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by $0.02. Chembio Diagnostics had a negative return on equity of 48.79% and a negative net margin of 51.99%. The business had revenue of $2.89 million during the quarter, compared to the consensus estimate of $4.96 million. On average, analysts anticipate that Chembio Diagnostics, Inc. will post ($0.52) EPS for the current year.

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Separately, ValuEngine raised shares of Chembio Diagnostics from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd.

In other Chembio Diagnostics news, insider Norman H. Pessin purchased 36,250 shares of the company’s stock in a transaction on Wednesday, June 28th. The stock was acquired at an average cost of $5.48 per share, for a total transaction of $198,650.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 5.56% of the company’s stock.

About Chembio Diagnostics

Chembio Diagnostics, Inc (Chembio), and its subsidiary, Chembio Diagnostic Systems, Inc, develop, manufacture, market and license rapid point-of-care diagnostic tests (POCTs) that detect infectious diseases. The Company’s products available are rapid tests for the detection of human immunodeficiency virus (HIV) 1/2 antibodies, and a multiplex rapid test for the detection of HIV and Syphilis antibodies.

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Institutional Ownership by Quarter for Chembio Diagnostics (NASDAQ:CEMI)

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