Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Down 40.8% in August

Co-Diagnostics, Inc. (NASDAQ:CODX) was the target of a significant decrease in short interest in August. As of August 31st, there was short interest totaling 214,608 shares, a decrease of 40.8% from the August 15th total of 362,631 shares. Based on an average trading volume of 383,382 shares, the short-interest ratio is presently 0.6 days. Currently, 3.1% of the shares of the company are short sold.

Co-Diagnostics Stock Up 4.6%

Shares of NASDAQ:CODX traded up $0.04 during trading on Friday, reaching $0.98. 133,659 shares of the company traded hands, compared to its average volume of 2,510,451. The firm has a market capitalization of $6.87 million, a PE ratio of -0.10 and a beta of 2.85. Co-Diagnostics has a 52 week low of $0.91 and a 52 week high of $46.50. The company’s 50 day moving average is $1.55 and its two-hundred day moving average is $2.45.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.46) EPS for the quarter, topping analysts’ consensus estimates of ($3.00) by $1.54. The company had revenue of $0.17 million for the quarter, compared to analysts’ expectations of $0.13 million. Co-Diagnostics had a negative return on equity of 210.99% and a negative net margin of 6,531.77%.

Analyst Upgrades and Downgrades

CODX has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Co-Diagnostics in a research note on Tuesday, September 8th. Maxim Group upgraded shares of Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Wall Street Zen raised shares of Co-Diagnostics from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.50.

Institutional Trading of Co-Diagnostics

An institutional investor recently bought a new stake in Co-Diagnostics stock. Susquehanna International Group LLP purchased a new position in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 31,239 shares of the company’s stock, valued at approximately $97,000. Susquehanna International Group LLP owned approximately 0.85% of Co-Diagnostics as of its most recent filing with the SEC. 14.99% of the stock is currently owned by institutional investors and hedge funds.

About Co-Diagnostics

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.