Short Interest in Co-Diagnostics, Inc. (NASDAQ:CODX) Grows By 24.2%

Co-Diagnostics, Inc. (NASDAQ:CODXGet Rating) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 1,900,000 shares, an increase of 24.2% from the March 15th total of 1,530,000 shares. Based on an average trading volume of 451,800 shares, the days-to-cover ratio is currently 4.2 days.

CODX has been the topic of several analyst reports. Sidoti started coverage on shares of Co-Diagnostics in a report on Wednesday, December 29th. They issued a “buy” rating and a $14.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $15.00 price objective on shares of Co-Diagnostics in a research note on Friday, March 25th. Finally, Zacks Investment Research downgraded Co-Diagnostics from a “buy” rating to a “hold” rating in a report on Wednesday, March 30th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $12.00.

NASDAQ CODX traded up $0.18 on Tuesday, hitting $5.42. 1,709 shares of the company were exchanged, compared to its average volume of 480,983. Co-Diagnostics has a 1-year low of $5.00 and a 1-year high of $11.82. The firm has a 50 day moving average of $6.05 and a two-hundred day moving average of $7.68. The company has a market cap of $184.09 million, a P/E ratio of 4.30 and a beta of -2.61.

Co-Diagnostics (NASDAQ:CODXGet Rating) last announced its earnings results on Thursday, March 24th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.13. Co-Diagnostics had a net margin of 37.45% and a return on equity of 36.83%. During the same quarter last year, the business earned $0.43 EPS. On average, analysts expect that Co-Diagnostics will post 0.78 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its stake in shares of Co-Diagnostics by 68.6% in the 3rd quarter. Millennium Management LLC now owns 754,493 shares of the company’s stock valued at $7,341,000 after buying an additional 307,058 shares during the period. Marshall Wace LLP increased its position in Co-Diagnostics by 525.7% in the third quarter. Marshall Wace LLP now owns 221,292 shares of the company’s stock worth $2,153,000 after purchasing an additional 185,923 shares during the period. Easterly Investment Partners LLC bought a new stake in Co-Diagnostics during the 3rd quarter worth about $1,578,000. Renaissance Technologies LLC lifted its position in Co-Diagnostics by 201.0% during the 3rd quarter. Renaissance Technologies LLC now owns 184,500 shares of the company’s stock valued at $1,795,000 after purchasing an additional 123,200 shares during the period. Finally, Morgan Stanley boosted its stake in shares of Co-Diagnostics by 302.4% in the 2nd quarter. Morgan Stanley now owns 128,425 shares of the company’s stock valued at $1,060,000 after purchasing an additional 96,511 shares during the last quarter. Hedge funds and other institutional investors own 27.56% of the company’s stock.

Co-Diagnostics Company Profile (Get Rating)

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. It offers polymerase chain reaction (PCR) diagnostic tests for COVID-19, tuberculosis, hepatitis B and C, human papilloma virus, malaria, chikungunya, dengue, and the zika virus; three multiplexed tests to test mosquitos for the identification of diseases carried by the mosquitos; and molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications.

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