Chembio Diagnostics (NASDAQ:CEMI) Receives New Coverage from Analysts at StockNews.com

StockNews.com began coverage on shares of Chembio Diagnostics (NASDAQ:CEMI – Get Rating) in a report issued on Thursday. The firm set a “sell” rating on the stock.

Several other brokerages also recently weighed in on CEMI. Colliers Securities restated a “neutral” rating on shares of Chembio Diagnostics in a research note on Tuesday, March 22nd. Zacks Investment Research downgraded Chembio Diagnostics from a “hold” rating to a “sell” rating in a research note on Wednesday, March 9th.

NASDAQ CEMI opened at $0.62 on Thursday. The stock’s 50-day moving average price is $0.76 and its 200-day moving average price is $1.28. The company has a quick ratio of 2.74, a current ratio of 3.59 and a debt-to-equity ratio of 0.52. Chembio Diagnostics has a 52 week low of $0.53 and a 52 week high of $7.34. The company has a market capitalization of $18.58 million, a P/E ratio of -0.45 and a beta of 1.73.

Chembio Diagnostics (NASDAQ:CEMI – Get Rating) last issued its earnings results on Thursday, March 3rd. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.09). The business had revenue of $20.57 million for the quarter. Chembio Diagnostics had a negative net margin of 70.90% and a negative return on equity of 89.24%. During the same quarter in the previous year, the business earned ($0.35) earnings per share.

Institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in Chembio Diagnostics by 35.1% in the 4th quarter. Geode Capital Management LLC now owns 274,422 shares of the company’s stock valued at $312,000 after purchasing an additional 71,352 shares in the last quarter. BlackRock Inc. grew its stake in shares of Chembio Diagnostics by 34.1% during the 3rd quarter. BlackRock Inc. now owns 267,208 shares of the company’s stock valued at $668,000 after buying an additional 67,959 shares during the period. Morgan Stanley grew its stake in shares of Chembio Diagnostics by 235.8% during the 3rd quarter. Morgan Stanley now owns 122,123 shares of the company’s stock valued at $305,000 after buying an additional 85,756 shares during the period. Virtu Financial LLC boosted its position in Chembio Diagnostics by 506.7% during the 4th quarter. Virtu Financial LLC now owns 119,238 shares of the company’s stock worth $136,000 after purchasing an additional 99,585 shares during the period. Finally, Goldman Sachs Group Inc. purchased a new position in Chembio Diagnostics in the 4th quarter valued at about $105,000. Institutional investors own 13.27% of the company’s stock.

About Chembio Diagnostics (Get Rating)

Chembio Diagnostics, Inc, together with its subsidiaries, develops, manufactures, and commercializes point-of-care (POC) diagnostic tests that are used to detect or diagnose diseases. The company offers tests for COVID-19, HIV and Syphilis, and Zika virus. It also develops tests for malaria, dengue, chikungunya, Chagas, ebola, leishmaniasis, lassa, marburg, leptospirosis, rickettsia, and Burkholderia diseases.

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