Zacks: Co-Diagnostics Inc (NASDAQ:CODX) Given Average Rating of “Buy” by Brokerages

Shares of Co-Diagnostics Inc (NASDAQ:CODX) have earned a consensus broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and one has given a strong buy rating to the company. Co-Diagnostics’ rating score has declined by 100% from three months ago as a result of various analysts’ ratings changes.

Analysts have set a 1-year consensus price objective of $19.50 for the company and are forecasting that the company will post $0.61 EPS for the current quarter, according to Zacks. Zacks has also given Co-Diagnostics an industry rank of 60 out of 254 based on the ratings given to related companies.

Several brokerages have recently issued reports on CODX. HC Wainwright reaffirmed a “buy” rating on shares of Co-Diagnostics in a report on Friday, April 17th. Maxim Group raised Co-Diagnostics from a “hold” rating to a “buy” rating in a research report on Wednesday. Zacks Investment Research raised Co-Diagnostics from a “hold” rating to a “strong-buy” rating and set a $21.00 target price on the stock in a research report on Thursday. ValuEngine downgraded Co-Diagnostics from a “buy” rating to a “hold” rating in a research report on Friday, April 24th. Finally, BidaskClub downgraded Co-Diagnostics from a “hold” rating to a “sell” rating in a research report on Wednesday, March 11th.

NASDAQ CODX traded up $0.53 during trading hours on Friday, reaching $18.55. The company’s stock had a trading volume of 2,726,291 shares, compared to its average volume of 11,196,312. The firm’s 50-day moving average price is $13.40 and its 200-day moving average price is $6.14. Co-Diagnostics has a 1 year low of $0.69 and a 1 year high of $29.72. The company has a market capitalization of $494.78 million and a price-to-earnings ratio of -56.21.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.01). The firm had revenue of $1.55 million for the quarter, compared to analysts’ expectations of $1.10 million. Co-Diagnostics had a negative return on equity of 81.15% and a negative net margin of 334.58%. Sell-side analysts anticipate that Co-Diagnostics will post 1.92 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Barclays PLC grew its position in Co-Diagnostics by 18.9% in the 4th quarter. Barclays PLC now owns 86,770 shares of the company’s stock valued at $78,000 after acquiring an additional 13,820 shares during the last quarter. Virtu Financial LLC bought a new position in Co-Diagnostics in the 4th quarter valued at $34,000. Harvest Investment Services LLC bought a new position in Co-Diagnostics in the 1st quarter valued at $493,000. Strategic Wealth Management Group LLC bought a new position in Co-Diagnostics in the 1st quarter valued at $127,000. Finally, Financial Consulate Inc. bought a new position in Co-Diagnostics in the 1st quarter valued at $114,000. 4.27% of the stock is currently owned by institutional investors.

About Co-Diagnostics

Co-Diagnostics, Inc, a molecular diagnostics company, intends to manufacture and sell reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules. It also intends to sell diagnostic equipment from other manufacturers as self-contained lab systems. Co-Diagnostics, Inc was founded in 2013 and is headquartered in Salt Lake City, Utah.

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