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

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

Co-Diagnostics Stock Performance

Shares of CODX traded down $0.02 during mid-day trading on Thursday, reaching $0.37. The company had a trading volume of 2,457,311 shares, compared to its average volume of 7,877,628. The company has a market capitalization of $22.65 million, a price-to-earnings ratio of -0.32 and a beta of 0.98. The firm has a 50-day moving average price of $0.40 and a 200 day moving average price of $0.33. Co-Diagnostics has a 52 week low of $0.23 and a 52 week high of $1.55.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Co-Diagnostics

A hedge fund recently raised its stake in Co-Diagnostics stock. Jane Street Group LLC boosted its holdings in Co-Diagnostics, Inc. (NASDAQ:CODX) by 314.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 166,254 shares of the company’s stock after purchasing an additional 126,105 shares during the quarter. Jane Street Group LLC owned approximately 0.50% of Co-Diagnostics worth $47,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 14.99% of the company’s stock.

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.