Co-Diagnostics (NASDAQ:CODX) Posts Earnings Results

Co-Diagnostics (NASDAQ:CODX – Get Rating) released its quarterly earnings results on Thursday. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.16, MarketWatch Earnings reports. Co-Diagnostics had a net margin of 37.45% and a return on equity of 36.83%. During the same quarter in the prior year, the business posted $0.26 EPS.

NASDAQ CODX opened at $4.55 on Friday. The company’s 50 day simple moving average is $5.39 and its 200 day simple moving average is $7.14. Co-Diagnostics has a 12 month low of $3.66 and a 12 month high of $11.82. The company has a market capitalization of $154.56 million, a P/E ratio of 3.50 and a beta of -1.90.

CODX has been the topic of a number of recent analyst reports. HC Wainwright restated a “buy” rating and set a $15.00 price target on shares of Co-Diagnostics in a research report on Friday, March 25th. Zacks Investment Research downgraded shares of 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $12.00.

Several hedge funds have recently added to or reduced their stakes in CODX. Morgan Stanley raised its holdings in shares of Co-Diagnostics by 302.4% during the second 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 raised its holdings in shares of Co-Diagnostics by 59.4% during the third quarter. Royal Bank of Canada now owns 111,891 shares of the company’s stock valued at $1,089,000 after acquiring an additional 41,707 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Co-Diagnostics by 15.5% during the third quarter. Bank of New York Mellon Corp now owns 170,568 shares of the company’s stock valued at $1,660,000 after acquiring an additional 22,896 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Co-Diagnostics during the fourth quarter valued at approximately $180,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Co-Diagnostics by 59.6% during the fourth quarter. Renaissance Technologies LLC now owns 294,500 shares of the company’s stock valued at $2,630,000 after acquiring an additional 110,000 shares during the period. Institutional investors and hedge funds own 21.00% 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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