Short Interest in Co-Diagnostics, Inc. (NASDAQ:CODX) Drops By 65.7%

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a large decrease in short interest during the month of June. As of June 15th, there was short interest totaling 119,689 shares, a decrease of 65.7% from the May 31st total of 349,389 shares. Approximately 3.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,199,824 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Investors Weigh In On Co-Diagnostics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Virtu Financial LLC grew its position in Co-Diagnostics by 393.8% in the third quarter. Virtu Financial LLC now owns 126,524 shares of the company’s stock valued at $44,000 after acquiring an additional 100,901 shares during the period. Jane Street Group LLC increased its position in shares of Co-Diagnostics by 314.1% during the 2nd quarter. Jane Street Group LLC now owns 166,254 shares of the company’s stock worth $47,000 after purchasing an additional 126,105 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Co-Diagnostics by 40.4% in 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 in the last quarter. Institutional investors own 14.99% of the company’s stock.

Co-Diagnostics Stock Performance

Shares of NASDAQ:CODX traded down $0.08 during mid-day trading on Monday, hitting $2.98. The stock had a trading volume of 171,209 shares, compared to its average volume of 3,475,585. The company’s 50 day moving average is $3.51 and its 200-day moving average is $3.66. The company has a market cap of $10.98 million, a PE ratio of -0.19 and a beta of 2.70. Co-Diagnostics has a 12-month low of $1.26 and a 12-month high of $46.50.

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on CODX shares. Weiss Ratings downgraded Co-Diagnostics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. Wall Street Zen upgraded shares of Co-Diagnostics to a “sell” rating in a research report on Saturday, May 23rd. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $67.50.

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.