Chembio Diagnostics (NASDAQ:CEMI) Coverage Initiated at StockNews.com

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

Other analysts also recently issued research reports about the stock. Colliers Securities restated a “neutral” rating on shares of Chembio Diagnostics in a report on Tuesday, March 22nd. Zacks Investment Research downgraded shares of Chembio Diagnostics from a “hold” rating to a “sell” rating in a report on Wednesday, March 9th.

Shares of CEMI stock opened at $0.64 on Friday. The firm has a 50-day moving average of $0.70 and a 200-day moving average of $1.14. The company has a market cap of $19.34 million, a P/E ratio of -0.44 and a beta of 1.73. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.54 and a quick ratio of 2.67. Chembio Diagnostics has a one year low of $0.42 and a one year high of $7.34.

Chembio Diagnostics (NASDAQ:CEMI – Get Rating) last announced its earnings results on Thursday, May 5th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.08). Chembio Diagnostics had a negative net margin of 65.95% and a negative return on equity of 100.75%. During the same quarter in the previous year, the company posted ($0.22) earnings per share.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its stake in shares of Chembio Diagnostics by 2,264.1% in the fourth quarter. JPMorgan Chase & Co. now owns 33,452 shares of the company’s stock worth $38,000 after purchasing an additional 32,037 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in shares of Chembio Diagnostics in the first quarter worth about $48,000. Jump Financial LLC increased its stake in shares of Chembio Diagnostics by 247.7% in the third quarter. Jump Financial LLC now owns 37,900 shares of the company’s stock worth $95,000 after purchasing an additional 27,000 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Chembio Diagnostics in the first quarter valued at approximately $102,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Chembio Diagnostics in the fourth quarter valued at approximately $105,000. Institutional investors and hedge funds 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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