Co-Diagnostics (NASDAQ:CODX) Releases Earnings Results, Beats Expectations By $0.03 EPS

Co-Diagnostics (NASDAQ:CODX) issued its quarterly earnings data on Thursday. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.03, FiscalAI reports. The company had revenue of $0.15 million during the quarter, compared to the consensus estimate of $0.30 million. Co-Diagnostics had a negative net margin of 3,588.33% and a negative return on equity of 69.49%.

Co-Diagnostics Stock Down 6.1%

Shares of CODX stock traded down $0.02 during mid-day trading on Thursday, reaching $0.37. The company’s stock had a trading volume of 2,501,696 shares, compared to its average volume of 7,879,225. The firm has a market capitalization of $22.65 million, a PE ratio of -0.32 and a beta of 0.98. Co-Diagnostics has a 12-month low of $0.23 and a 12-month high of $1.55. The company’s 50 day simple moving average is $0.40 and its 200-day simple moving average is $0.33.

Hedge Funds Weigh In On Co-Diagnostics

A hedge fund recently raised its stake in Co-Diagnostics stock. Jane Street Group LLC raised its position in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) by 314.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 166,254 shares of the company’s stock after buying an additional 126,105 shares during the quarter. Jane Street Group LLC owned 0.50% of Co-Diagnostics worth $47,000 at the end of the most recent quarter. 14.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. D. Boral Capital reaffirmed a “buy” rating and set a $3.00 price objective on shares of Co-Diagnostics in a research note on Tuesday, October 28th. Wall Street Zen upgraded Co-Diagnostics to a “hold” rating in a research report on Saturday, November 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Co-Diagnostics in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $2.00.

About Co-Diagnostics

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. The company offers Co-Dx PCR platform, a polymerase chain reaction (PCR) testing to patients in point-of-care and at-home setting.