Co-Diagnostics, Inc. (NASDAQ:CODX) Sees Large Drop in Short Interest

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a large decrease in short interest in August. As of August 31st, there was short interest totalling 2,390,000 shares, a decrease of 23.4% from the August 15th total of 3,120,000 shares. Based on an average daily volume of 1,280,000 shares, the short-interest ratio is currently 1.9 days.

Several hedge funds have recently bought and sold shares of CODX. Alps Advisors Inc. purchased a new position in shares of Co-Diagnostics in the first quarter worth $240,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Co-Diagnostics in the first quarter worth $99,000. BlackRock Inc. lifted its position in Co-Diagnostics by 1.7% during the first quarter. BlackRock Inc. now owns 1,955,074 shares of the company’s stock valued at $18,652,000 after purchasing an additional 33,404 shares during the period. Principal Financial Group Inc. lifted its position in Co-Diagnostics by 8.3% during the first quarter. Principal Financial Group Inc. now owns 162,333 shares of the company’s stock valued at $1,549,000 after purchasing an additional 12,385 shares during the period. Finally, HighTower Advisors LLC lifted its position in Co-Diagnostics by 59.2% during the first quarter. HighTower Advisors LLC now owns 68,330 shares of the company’s stock valued at $652,000 after purchasing an additional 25,419 shares during the period. Hedge funds and other institutional investors own 25.25% of the company’s stock.

CODX traded up $0.27 on Tuesday, hitting $9.80. The company had a trading volume of 4,540 shares, compared to its average volume of 1,253,917. Co-Diagnostics has a 52-week low of $7.01 and a 52-week high of $20.69. The stock has a fifty day simple moving average of $9.95 and a 200-day simple moving average of $9.55. The firm has a market capitalization of $283.12 million, a P/E ratio of 6.15 and a beta of -3.60.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings results on Thursday, August 12th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.11. The company had revenue of $27.36 million for the quarter, compared to the consensus estimate of $21.00 million. Co-Diagnostics had a return on equity of 65.33% and a net margin of 47.98%. On average, analysts anticipate that Co-Diagnostics will post 0.95 earnings per share for the current year.

A number of brokerages have recently issued reports on CODX. Zacks Investment Research cut shares of Co-Diagnostics from a “buy” rating to a “hold” rating in a research note on Tuesday, August 17th. HC Wainwright reiterated a “buy” rating and set a $16.00 price target on shares of Co-Diagnostics in a report on Friday.

Co-Diagnostics Company Profile

Co-Diagnostics, Inc engages in the development and innovation of molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications. Its diagnostics systems enable very rapid, low-cost, molecular testing for organisms and genetic diseases by automating historically complex procedures in both the development and administration of tests.

Read More: Death Cross

Receive News & Ratings for Co-Diagnostics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Co-Diagnostics and related companies with MarketBeat.com's FREE daily email newsletter.