Co-Diagnostics (NASDAQ:CODX) Shares Up 11.6% – Still a Buy?

Co-Diagnostics, Inc. (NASDAQ:CODX) shares traded up 11.6% on Monday. The stock traded as high as $1.30 and last traded at $1.25. Approximately 651,627 shares changed hands during mid-day trading, an increase of 87% from the average daily volume of 348,229 shares. The stock had previously closed at $1.12.

Analyst Ratings Changes

CODX has been the subject of a number of recent analyst reports. Maxim Group raised Co-Diagnostics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Co-Diagnostics in a report on Tuesday, September 8th. Finally, Wall Street Zen raised shares of Co-Diagnostics from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. One equities research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.50.

Co-Diagnostics Price Performance

The stock’s fifty day simple moving average is $1.19 and its 200-day simple moving average is $2.27. The company has a market capitalization of $5.34 million, a P/E ratio of -0.07 and a beta of 2.90.

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

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Co-Diagnostics stock. Susquehanna International Group LLP purchased a new position in shares of Co-Diagnostics, Inc. (NASDAQ:CODX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 31,239 shares of the company’s stock, valued at approximately $97,000. Susquehanna International Group LLP owned about 0.85% of Co-Diagnostics as of its most recent SEC filing. 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. The company develops and commercializes diagnostic technologies and laboratory tests designed to identify infectious diseases and other medical conditions using polymerase chain reaction (PCR) and related molecular methods.

Its core technology is the CoPrimer platform, which is intended to support the development of accurate, cost-efficient molecular diagnostic tests. Co-Diagnostics has marketed tests under the Logix Smart brand, including assays for respiratory and other infectious diseases.