Co-Diagnostics (NASDAQ:CODX) Shares Down 0.9% – Time to Sell?

Co-Diagnostics, Inc. (NASDAQ:CODX) shares were down 0.9% during mid-day trading on Monday . The company traded as low as $1.11 and last traded at $1.11. Approximately 103,524 shares were traded during mid-day trading, a decline of 61% from the average session volume of 262,449 shares. The stock had previously closed at $1.12.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CODX shares. Wall Street Zen raised Co-Diagnostics from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. Maxim Group raised shares of Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 18th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Co-Diagnostics in a report on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $67.50.

Co-Diagnostics Price Performance

The stock’s 50 day simple moving average is $1.64 and its 200-day simple moving average is $2.47. The stock has a market capitalization of $7.75 million, a price-to-earnings ratio of -0.11 and a beta of 2.85.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($1.46) EPS for the quarter, beating analysts’ consensus estimates of ($3.00) by $1.54. The business had revenue of $0.17 million for the quarter, compared to analyst estimates of $0.13 million. Co-Diagnostics had a negative return on equity of 210.99% and a negative net margin of 6,531.77%.

Institutional Investors Weigh In On Co-Diagnostics

A hedge fund recently bought a new stake in Co-Diagnostics stock. Private Advisory Group LLC purchased a new stake in Co-Diagnostics, Inc. (NASDAQ:CODX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 39,387 shares of the company’s stock, valued at approximately $122,000. Private Advisory Group LLC owned 1.07% of Co-Diagnostics as of its most recent SEC filing. Institutional investors and hedge funds own 14.99% of the company’s stock.

About Co-Diagnostics

Co-Diagnostics, Inc is a molecular diagnostics company headquartered in Salt Lake City, Utah, known for its proprietary CoPrimer™ technology. Founded in 2016, the company focuses on the design, development and distribution of molecular diagnostic test kits for the detection of infectious diseases, genetic mutations and other health-relevant biomarkers. Its core platform leverages patented cooperative primers, which are engineered to enhance specificity, sensitivity and cost-effectiveness compared to conventional PCR-based assays.

Through its in-house manufacturing and global supply chain partnerships, Co-Diagnostics produces a range of real-time polymerase chain reaction (qPCR) kits, reagents and customized assay development services.