Brokers Set Expectations for Co-Diagnostics, Inc.’s FY2022 Earnings (NASDAQ:CODX)

Co-Diagnostics, Inc. (NASDAQ:CODXGet Rating) – Equities research analysts at HC Wainwright reduced their FY2022 earnings estimates for Co-Diagnostics in a research note issued on Monday, November 14th. HC Wainwright analyst Y. Chen now expects that the company will earn ($0.01) per share for the year, down from their previous estimate of $0.12. HC Wainwright currently has a “Buy” rating and a $6.00 price target on the stock. The consensus estimate for Co-Diagnostics’ current full-year earnings is $0.09 per share. HC Wainwright also issued estimates for Co-Diagnostics’ Q4 2022 earnings at ($0.15) EPS, Q1 2023 earnings at ($0.15) EPS, Q2 2023 earnings at ($0.17) EPS, Q3 2023 earnings at ($0.17) EPS, Q4 2023 earnings at ($0.16) EPS and FY2023 earnings at ($0.65) EPS.

Co-Diagnostics (NASDAQ:CODXGet Rating) last announced its quarterly earnings data on Thursday, November 10th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $5.09 million for the quarter, compared to the consensus estimate of $6.75 million. Co-Diagnostics had a net margin of 28.50% and a return on equity of 8.32%.

Separately, Sidoti cut shares of Co-Diagnostics from a “buy” rating to a “neutral” rating and set a $5.00 price objective for the company. in a research note on Friday, August 12th.

Co-Diagnostics Stock Performance

Shares of CODX stock opened at $3.58 on Wednesday. The firm has a market capitalization of $110.69 million, a price-to-earnings ratio of 7.62 and a beta of -1.04. Co-Diagnostics has a one year low of $2.76 and a one year high of $10.90. The company has a 50 day moving average price of $3.29 and a 200 day moving average price of $4.46.

Institutional Trading of Co-Diagnostics

A number of institutional investors and hedge funds have recently made changes to their positions in CODX. UBS Group AG acquired a new stake in shares of Co-Diagnostics during the 3rd quarter worth $27,000. Bank of America Corp DE increased its holdings in shares of Co-Diagnostics by 218.8% during the 1st quarter. Bank of America Corp DE now owns 7,220 shares of the company’s stock worth $45,000 after buying an additional 4,955 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Co-Diagnostics during the 1st quarter worth $46,000. Kestra Advisory Services LLC acquired a new stake in shares of Co-Diagnostics during the 1st quarter worth $62,000. Finally, Jane Street Group LLC acquired a new stake in shares of Co-Diagnostics during the 3rd quarter worth $89,000. 22.56% of the stock is currently owned by institutional investors and hedge funds.

About Co-Diagnostics

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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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Earnings History and Estimates for Co-Diagnostics (NASDAQ:CODX)

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