Chembio Diagnostics, Inc. (NASDAQ:CEMI) Announces Quarterly Earnings Results, Misses Estimates By $0.02 EPS
Chembio Diagnostics, Inc. (NASDAQ:CEMI) announced its quarterly earnings data on Wednesday. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by $0.02, Bloomberg Earnings reports. Chembio Diagnostics had a negative return on equity of 54.92% and a negative net margin of 87.81%. The firm had revenue of $2.89 million during the quarter, compared to the consensus estimate of $4.96 million.
Shares of Chembio Diagnostics (NASDAQ CEMI) remained flat at $6.15 on Thursday. The company had a trading volume of 11,940 shares. The company’s market capitalization is $75.64 million. Chembio Diagnostics has a 52-week low of $5.05 and a 52-week high of $7.47. The stock has a 50-day moving average of $6.26 and a 200 day moving average of $6.06.
Separately, ValuEngine raised Chembio Diagnostics from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd.
In other news, insider Norman H. Pessin bought 36,250 shares of the business’s stock in a transaction on Wednesday, June 28th. The shares were bought at an average price of $5.48 per share, with a total value of $198,650.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.56% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Royce & Associates LP purchased a new stake in shares of Chembio Diagnostics during the second quarter worth about $132,000. Wells Fargo & Company MN raised its stake in shares of Chembio Diagnostics by 55.4% in the second quarter. Wells Fargo & Company MN now owns 74,186 shares of the company’s stock worth $449,000 after buying an additional 26,436 shares during the last quarter. Finally, ARS Investment Partners LLC raised its stake in shares of Chembio Diagnostics by 29.4% in the second quarter. ARS Investment Partners LLC now owns 671,681 shares of the company’s stock worth $4,064,000 after buying an additional 152,686 shares during the last quarter. 30.18% of the stock is currently owned by institutional investors.
Chembio Diagnostics Company Profile
Chembio Diagnostics, Inc (Chembio), and its subsidiary, Chembio Diagnostic Systems, Inc, develop, manufacture, market and license rapid point-of-care diagnostic tests (POCTs) that detect infectious diseases. The Company’s products available are rapid tests for the detection of human immunodeficiency virus (HIV) 1/2 antibodies, and a multiplex rapid test for the detection of HIV and Syphilis antibodies.
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