Co-Diagnostics (NASDAQ:CODX) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Co-Diagnostics (NASDAQ:CODX) issued its earnings results on Thursday. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.03, FiscalAI reports. Co-Diagnostics had a negative return on equity of 69.49% and a negative net margin of 3,588.33%.The firm had revenue of $0.15 million for the quarter, compared to analysts’ expectations of $0.30 million.

Co-Diagnostics Price Performance

Shares of CODX stock traded down $0.02 during mid-day trading on Thursday, hitting $0.37. The stock had a trading volume of 2,457,311 shares, compared to its average volume of 7,877,628. The firm has a market capitalization of $22.65 million, a P/E ratio of -0.32 and a beta of 0.98. Co-Diagnostics has a 12-month low of $0.23 and a 12-month high of $1.55. The firm’s 50-day moving average is $0.40 and its two-hundred day moving average is $0.33.

Hedge Funds Weigh In On Co-Diagnostics

A hedge fund recently raised its stake in Co-Diagnostics stock. Jane Street Group LLC boosted its stake in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) by 314.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 166,254 shares of the company’s stock after buying an additional 126,105 shares during the period. Jane Street Group LLC owned 0.50% of Co-Diagnostics worth $47,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 14.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CODX. Wall Street Zen upgraded Co-Diagnostics to a “hold” rating in a research report on Saturday, November 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Co-Diagnostics in a research note on Thursday, October 30th. Finally, D. Boral Capital reiterated a “buy” rating and set a $3.00 price objective on shares of Co-Diagnostics in a research report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Co-Diagnostics presently has an average rating of “Moderate Buy” and an average price target of $2.00.

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.