Co-Diagnostics, Inc. (NASDAQ:CODX) Short Interest Update

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a large increase in short interest in the month of May. As of May 15th, there was short interest totaling 194,179 shares, an increase of 104.9% from the April 30th total of 94,771 shares. Currently, 5.7% of the company’s stock are short sold. Based on an average daily volume of 1,222,985 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Virtu Financial LLC raised its holdings in Co-Diagnostics by 393.8% in the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock worth $44,000 after buying an additional 100,901 shares during the last quarter. Jane Street Group LLC grew its position in Co-Diagnostics by 314.1% during the second quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock valued at $47,000 after buying an additional 126,105 shares during the period. Finally, Geode Capital Management LLC grew its position in Co-Diagnostics by 40.4% during the fourth quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock valued at $81,000 after buying an additional 129,158 shares during the period. 14.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CODX has been the topic of several recent research reports. Wall Street Zen raised Co-Diagnostics to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings upgraded shares of Co-Diagnostics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $67.50.

Co-Diagnostics Price Performance

NASDAQ CODX traded up $0.02 during trading hours on Tuesday, reaching $6.22. 4,669,461 shares of the company’s stock traded hands, compared to its average volume of 3,984,663. Co-Diagnostics has a 52-week low of $1.26 and a 52-week high of $46.50. The firm has a market cap of $22.40 million, a PE ratio of -0.39 and a beta of 1.26. The firm has a 50-day simple moving average of $2.56 and a 200 day simple moving average of $4.53.

Co-Diagnostics (NASDAQ:CODX) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($4.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.75) by ($0.31). The business had revenue of $0.15 million for the quarter, compared to analysts’ expectations of $0.13 million. Co-Diagnostics had a negative net margin of 6,760.63% and a negative return on equity of 164.92%.

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.