Short Interest in Co-Diagnostics, Inc. (NASDAQ:CODX) Drops By 9.1%

Co-Diagnostics, Inc. (NASDAQ:CODX) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 205,300 shares, a decline of 9.1% from the September 15th total of 225,800 shares. Based on an average trading volume of 249,700 shares, the short-interest ratio is currently 0.8 days.

Analyst Upgrades and Downgrades

Separately, HC Wainwright cut their price objective on Co-Diagnostics from $2.00 to $1.50 and set a “neutral” rating on the stock in a report on Monday, August 12th.

Co-Diagnostics Stock Up 2.5 %

Shares of NASDAQ:CODX traded up $0.03 during midday trading on Thursday, reaching $1.25. 168,508 shares of the company were exchanged, compared to its average volume of 144,005. The firm has a market cap of $39.10 million, a PE ratio of -0.95 and a beta of -0.87. Co-Diagnostics has a fifty-two week low of $1.00 and a fifty-two week high of $2.23. The stock has a fifty day simple moving average of $1.32 and a two-hundred day simple moving average of $1.25.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.09. Co-Diagnostics had a negative return on equity of 44.69% and a negative net margin of 411.18%. The company had revenue of $2.66 million for the quarter, compared to analyst estimates of $0.40 million. As a group, analysts forecast that Co-Diagnostics will post -1.23 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Co-Diagnostics stock. SMI Advisory Services LLC lifted its holdings in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) by 117.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,089 shares of the company’s stock after buying an additional 20,590 shares during the period. SMI Advisory Services LLC owned about 0.12% of Co-Diagnostics worth $43,000 at the end of the most recent quarter. Institutional investors and hedge funds 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.