Co-Diagnostics (NASDAQ:CODX) Releases FY 2021 Earnings Guidance

Co-Diagnostics (NASDAQ:CODX) issued an update on its FY 2021 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.070-$1.160 for the period, compared to the Thomson Reuters consensus estimate of $0.980. The company issued revenue guidance of $96 million-$100 million, compared to the consensus revenue estimate of $95.21 million.

Co-Diagnostics stock traded up $0.04 during mid-day trading on Thursday, hitting $8.48. 402,763 shares of the company’s stock traded hands, compared to its average volume of 1,086,380. The firm has a 50 day moving average price of $8.88 and a 200 day moving average price of $9.06. The company has a market cap of $244.99 million, a PE ratio of 6.06 and a beta of -3.29. Co-Diagnostics has a one year low of $7.01 and a one year high of $20.69.

Co-Diagnostics (NASDAQ:CODX) last announced its earnings results on Thursday, November 11th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.17. Co-Diagnostics had a return on equity of 50.81% and a net margin of 40.11%. During the same quarter in the prior year, the company posted $0.53 EPS. Sell-side analysts forecast that Co-Diagnostics will post 1.12 earnings per share for the current year.

Several analysts have weighed in on CODX shares. Zacks Investment Research raised Co-Diagnostics from a hold rating to a buy rating and set a $10.00 target price on the stock in a research note on Monday, November 15th. Litchfield Hills Research reissued a buy rating on shares of Co-Diagnostics in a research note on Monday, November 15th. Maxim Group reissued a hold rating on shares of Co-Diagnostics in a research note on Friday, November 12th. Finally, HC Wainwright dropped their price objective on Co-Diagnostics from $16.00 to $15.00 and set a buy rating on the stock in a research note on Friday, November 12th.

Several institutional investors and hedge funds have recently bought and sold shares of CODX. Bank of New York Mellon Corp grew its holdings in shares of Co-Diagnostics by 15.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 170,568 shares of the company’s stock worth $1,660,000 after acquiring an additional 22,896 shares during the last quarter. Morgan Stanley grew its holdings in shares of Co-Diagnostics by 6.9% in the 3rd quarter. Morgan Stanley now owns 137,302 shares of the company’s stock worth $1,336,000 after acquiring an additional 8,877 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of Co-Diagnostics by 59.4% in the 3rd quarter. Royal Bank of Canada now owns 111,891 shares of the company’s stock worth $1,089,000 after acquiring an additional 41,707 shares during the last quarter. 25.61% of the stock is currently owned by institutional investors.

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.

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