Short Interest in Co-Diagnostics, Inc. (NASDAQ:CODX) Increases By 248.5%

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a significant growth in short interest in December. As of December 31st, there was short interest totaling 2,252,057 shares, a growth of 248.5% from the December 15th total of 646,208 shares. Approximately 117.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,320,782 shares, the short-interest ratio is presently 1.0 days. Based on an average daily trading volume, of 2,320,782 shares, the short-interest ratio is presently 1.0 days. Approximately 117.4% of the shares of the stock are sold short.

Co-Diagnostics Stock Performance

Shares of NASDAQ CODX traded down $3.25 during midday trading on Tuesday, reaching $2.73. The stock had a trading volume of 841,722 shares, compared to its average volume of 166,095. The company’s 50 day moving average price is $9.24 and its 200 day moving average price is $9.82. Co-Diagnostics has a twelve month low of $2.36 and a twelve month high of $46.50. The firm has a market cap of $5.53 million, a price-to-earnings ratio of -0.09 and a beta of 1.25.

Co-Diagnostics (NASDAQ:CODX) last announced its earnings results on Thursday, November 13th. The company reported ($4.80) earnings per share for the quarter, topping analysts’ consensus estimates of ($5.70) by $0.90. The business 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 6,347.34% and a negative return on equity of 70.26%. Equities analysts forecast that Co-Diagnostics will post -1.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wall Street Zen upgraded Co-Diagnostics to a “hold” rating in a research report on Saturday, January 3rd. D. Boral Capital reiterated a “buy” rating and issued a $90.00 price objective on shares of Co-Diagnostics in a report on Tuesday, October 28th. Maxim Group raised shares of Co-Diagnostics to a “hold” rating in a report on Wednesday, November 26th. HC Wainwright reaffirmed a “neutral” rating on shares of Co-Diagnostics in a research note on Monday, November 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Co-Diagnostics in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $55.00.

Institutional Trading of Co-Diagnostics

An institutional investor recently raised its position in Co-Diagnostics stock. Virtu Financial LLC increased its stake in Co-Diagnostics, Inc. (NASDAQ:CODX) by 393.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 126,524 shares of the company’s stock after acquiring an additional 100,901 shares during the quarter. Virtu Financial LLC owned 0.21% of Co-Diagnostics worth $44,000 at the end of the most recent reporting period. Hedge funds and other institutional investors 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.