Short Interest in Co-Diagnostics, Inc. (NASDAQ:CODX) Rises By 172.9%

Co-Diagnostics, Inc. (NASDAQ:CODX) saw a large growth in short interest in July. As of July 15th, there was short interest totaling 342,796 shares, a growth of 172.9% from the June 30th total of 125,605 shares. Currently, 9.8% of the shares of the company are sold short. Based on an average daily trading volume, of 921,457 shares, the days-to-cover ratio is presently 0.4 days.

Analyst Ratings Changes

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

Co-Diagnostics Stock Performance

NASDAQ CODX traded up $0.12 on Wednesday, hitting $1.52. The stock had a trading volume of 431,796 shares, compared to its average volume of 3,055,303. The firm has a 50-day moving average of $3.89 and a 200-day moving average of $2.86. Co-Diagnostics has a 52-week low of $1.26 and a 52-week high of $46.50. The company has a market capitalization of $5.63 million, a price-to-earnings ratio of -0.10 and a beta of 2.84.

Co-Diagnostics (NASDAQ:CODX) last released its quarterly earnings results on Thursday, May 14th. The company reported ($4.06) EPS for the quarter, missing analysts’ consensus estimates of ($3.75) by ($0.31). The firm 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%.

Hedge Funds Weigh In On Co-Diagnostics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Co-Diagnostics by 40.4% in the 4th quarter. Geode Capital Management LLC now owns 449,148 shares of the company’s stock worth $81,000 after acquiring an additional 129,158 shares during the last quarter. Virtu Financial LLC boosted its position in shares of Co-Diagnostics by 393.8% during the 3rd 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 last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Co-Diagnostics by 314.1% during the second 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. 14.99% of the stock is currently owned by hedge funds and other institutional investors.

Co-Diagnostics Company Profile

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.