Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Down 19.7% in March

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CODX. Thompson Davis & CO. Inc. increased its holdings in shares of Co-Diagnostics by 37.8% during the fourth quarter. Thompson Davis & CO. Inc. now owns 57,200 shares of the company’s stock valued at $43,000 after acquiring an additional 15,700 shares in the last quarter. Geode Capital Management LLC increased its stake in Co-Diagnostics by 7.5% during the 4th quarter. Geode Capital Management LLC now owns 345,511 shares of the company’s stock valued at $259,000 after purchasing an additional 24,236 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in Co-Diagnostics in the third quarter worth about $55,000. Hedge funds and other institutional investors own 14.99% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, HC Wainwright decreased their target price on 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 Up 3.1 %

Shares of CODX stock traded up $0.01 during mid-day trading on Friday, reaching $0.35. 21,330 shares of the company’s stock traded hands, compared to its average volume of 190,506. The company’s 50-day moving average price is $0.47 and its 200-day moving average price is $0.79. The company has a market cap of $11.66 million, a P/E ratio of -0.25 and a beta of 1.21. Co-Diagnostics has a 12 month low of $0.28 and a 12 month high of $2.23.

Co-Diagnostics (NASDAQ:CODX) last announced its quarterly earnings data on Thursday, March 27th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $0.15 million during the quarter, compared to analysts’ expectations of $0.38 million. Equities analysts predict that Co-Diagnostics will post -1.22 earnings per share for the current 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.