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

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 162,600 shares, a decline of 19.7% from the March 15th total of 202,400 shares. Approximately 0.5% of the company’s shares are short sold. Based on an average daily volume of 223,900 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Investors Weigh In On Co-Diagnostics

A number of hedge funds have recently bought and sold shares of the business. Thompson Davis & CO. Inc. boosted its holdings in shares of Co-Diagnostics by 37.8% in the 4th quarter. Thompson Davis & CO. Inc. now owns 57,200 shares of the company’s stock valued at $43,000 after buying an additional 15,700 shares during the period. Jane Street Group LLC bought a new stake in shares of Co-Diagnostics in the 3rd quarter worth $55,000. Finally, Geode Capital Management LLC grew its stake in shares of Co-Diagnostics by 7.5% in the 4th quarter. Geode Capital Management LLC now owns 345,511 shares of the company’s stock worth $259,000 after purchasing an additional 24,236 shares during the last quarter. Institutional investors and hedge funds own 14.99% of the company’s stock.

Analyst Ratings Changes

Separately, HC Wainwright dropped their price target on shares of Co-Diagnostics from $1.50 to $1.00 and set a “neutral” rating for the company in a research report on Friday, March 28th.

Co-Diagnostics Stock Performance

Co-Diagnostics stock traded up $0.01 during trading hours on Monday, reaching $0.36. 14,758 shares of the stock were exchanged, compared to its average volume of 189,803. The firm’s 50 day moving average is $0.47 and its 200 day moving average is $0.78. Co-Diagnostics has a 52-week low of $0.28 and a 52-week high of $2.23. The stock has a market cap of $11.93 million, a P/E ratio of -0.26 and a beta of 1.21.

Co-Diagnostics (NASDAQ:CODX) last released its quarterly earnings results on Thursday, March 27th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.02). Co-Diagnostics had a negative return on equity of 54.94% and a negative net margin of 563.93%. The company had revenue of $0.15 million for the quarter, compared to analysts’ expectations of $0.38 million. Equities research analysts expect that Co-Diagnostics will post -1.22 EPS for the current fiscal year.

Co-Diagnostics Company Profile

Co-Diagnostics, Inc, a molecular diagnostics company, develops, manufactures, and sells reagents used for diagnostic tests that function through the detection and/or analysis of nucleic acid molecules in the United States and internationally. The company offers Co-Dx PCR platform, a polymerase chain reaction (PCR) testing to patients in point-of-care and at-home setting.