Co-Diagnostics, Inc. (NASDAQ:CODX) Sees Large Growth in Short Interest

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a large growth in short interest in May. As of May 29th, there was short interest totaling 349,389 shares, a growth of 79.9% from the May 14th total of 194,179 shares. Currently, 10.0% of the company’s stock are sold short. Based on an average trading volume of 34,775,288 shares, the short-interest ratio is presently 0.0 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Weiss Ratings cut Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday. Wall Street Zen upgraded Co-Diagnostics to a “sell” rating in a report on Saturday, May 23rd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.50.

Institutional Investors Weigh In On Co-Diagnostics

A number of institutional investors have recently made changes to their positions in CODX. Virtu Financial LLC boosted its holdings 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 acquiring an additional 100,901 shares during the period. Jane Street Group LLC boosted its holdings 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 acquiring an additional 126,105 shares during the period. Finally, Geode Capital Management LLC boosted its holdings 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 acquiring an additional 129,158 shares during the period. Institutional investors own 14.99% of the company’s stock.

Co-Diagnostics Stock Performance

Co-Diagnostics stock traded down $0.40 during midday trading on Monday, reaching $3.90. 260,638 shares of the company’s stock were exchanged, compared to its average volume of 3,720,962. Co-Diagnostics has a 52 week low of $1.26 and a 52 week high of $46.50. The firm has a market cap of $14.37 million, a price-to-earnings ratio of -0.25 and a beta of 2.70. The stock’s 50-day simple moving average is $3.12 and its 200 day simple moving average is $4.18.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($4.06) EPS for the quarter, missing analysts’ consensus estimates of ($3.75) by ($0.31). Co-Diagnostics had a negative return on equity of 164.92% and a negative net margin of 6,760.63%.The business had revenue of $0.15 million for the quarter, compared to the consensus estimate of $0.13 million.

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.