Co-Diagnostics (NASDAQ:CODX) Releases Q1 2022 Earnings Guidance

Co-Diagnostics (NASDAQ:CODXGet Rating) issued an update on its first quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.170-$0.200 for the period, compared to the Thomson Reuters consensus estimate of $0.110. The company issued revenue guidance of $21 million-$22 million, compared to the consensus revenue estimate of $21.28 million.

CODX stock opened at $5.22 on Thursday. The company’s 50 day simple moving average is $5.94 and its 200-day simple moving average is $7.62. The firm has a market capitalization of $177.30 million, a PE ratio of 4.28 and a beta of -2.61. Co-Diagnostics has a 12 month low of $5.00 and a 12 month high of $11.82.

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 company earned $0.43 EPS. Sell-side analysts expect that Co-Diagnostics will post 0.78 EPS for the current year.

A number of research firms have weighed in on CODX. Zacks Investment Research downgraded shares of Co-Diagnostics from a buy rating to a hold rating in a research note on Wednesday, March 30th. HC Wainwright reissued a buy rating and issued a $15.00 target price on shares of Co-Diagnostics in a research note on Friday, March 25th. Finally, Sidoti started coverage on shares of Co-Diagnostics in a research note on Wednesday, December 29th. They issued a buy rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Co-Diagnostics presently has an average rating of Buy and an average target price of $12.00.

Several hedge funds have recently modified their holdings of CODX. Morgan Stanley raised 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 acquiring an additional 96,511 shares during the period. Royal Bank of Canada increased its stake in Co-Diagnostics by 59.4% during the 3rd quarter. Royal Bank of Canada now owns 111,891 shares of the company’s stock worth $1,089,000 after buying an additional 41,707 shares during the period. Bank of New York Mellon Corp increased its stake in Co-Diagnostics by 15.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 170,568 shares of the company’s stock worth $1,660,000 after buying an additional 22,896 shares during the period. Dimensional Fund Advisors LP purchased a new stake in Co-Diagnostics during the 4th quarter worth $180,000. Finally, Renaissance Technologies LLC increased its stake in Co-Diagnostics by 59.6% during the 4th quarter. Renaissance Technologies LLC now owns 294,500 shares of the company’s stock worth $2,630,000 after buying an additional 110,000 shares during the period. 27.56% of the stock is currently owned by institutional investors and hedge funds.

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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