Co-Diagnostics (NASDAQ:CODX) Shares Down 1.8% – Should You Sell?

Co-Diagnostics, Inc. (NASDAQ:CODX) dropped 1.8% during trading on Tuesday . The stock traded as low as $1.60 and last traded at $1.64. Approximately 240,656 shares traded hands during trading, a decline of 47% from the average daily volume of 456,896 shares. The stock had previously closed at $1.67.

Analyst Ratings Changes

CODX has been the topic of several analyst reports. Maxim Group lowered Co-Diagnostics from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Wall Street Zen upgraded Co-Diagnostics from a “sell” rating to a “hold” rating in a report on Saturday, February 21st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Co-Diagnostics has an average rating of “Hold” and a consensus target price of $67.50.

Co-Diagnostics Stock Performance

The company has a market capitalization of $6.16 million, a price-to-earnings ratio of -0.06 and a beta of 1.42. The firm has a 50-day simple moving average of $2.10 and a two-hundred day simple moving average of $6.22.

Co-Diagnostics (NASDAQ:CODX) last released its earnings results on Tuesday, March 31st. The company reported ($16.65) earnings per share for the quarter, missing the consensus estimate of ($3.90) by ($12.75). The firm had revenue of $0.26 million during the quarter, compared to analyst estimates of $0.13 million. Co-Diagnostics had a negative net margin of 7,546.43% and a negative return on equity of 125.46%. As a group, equities analysts forecast that Co-Diagnostics, Inc. will post -10.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Co-Diagnostics

Institutional investors have recently bought and sold shares of the company. Virtu Financial LLC grew its position in shares of Co-Diagnostics by 393.8% during the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after buying an additional 100,901 shares in the last quarter. Jane Street Group LLC grew its position in shares of Co-Diagnostics by 314.1% during the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after buying an additional 126,105 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Co-Diagnostics by 40.4% during the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after buying an additional 129,158 shares in the last quarter. 14.99% of the stock is owned by institutional investors and hedge funds.

Co-Diagnostics Company Profile

Co-Diagnostics, Inc is a molecular diagnostics company headquartered in Salt Lake City, Utah, known for its proprietary CoPrimer™ technology. Founded in 2016, the company focuses on the design, development and distribution of molecular diagnostic test kits for the detection of infectious diseases, genetic mutations and other health-relevant biomarkers. Its core platform leverages patented cooperative primers, which are engineered to enhance specificity, sensitivity and cost-effectiveness compared to conventional PCR-based assays.

Through its in-house manufacturing and global supply chain partnerships, Co-Diagnostics produces a range of real-time polymerase chain reaction (qPCR) kits, reagents and customized assay development services.