Thursday, October 29, 2020

Co-Diagnostics Inc. [CODX] is 1206.97% higher this YTD. Is it still time to buy?

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Co-Diagnostics Inc. [NASDAQ: CODX] price surged by 41.99 percent to reach at $3.46. The company report on September 8, 2020 that Co-Diagnostics, Inc. Enters into Agreement with Arches Research to Expand COVID-19 Testing Services.

Co-Diagnostics, Inc. (Nasdaq: CODX), (the Company), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, today announced that it has entered into an agreement with Arches Research, Inc, a CLIA laboratory and subsidiary of Polarity TE, Inc, (Nasdaq: PTE), to expand Arches’ COVID-19 testing services using Co-Diagnostics’ Logix Smart™ COVID-19 test kit.

Arches Research began using Co-Diagnostics’ tests for its customers earlier this year. The announcement follows news last week of additional, independent third-party validation of the Company’s test, supporting its performance characteristics and value in helping communities, schools, and workplaces to re-open safely.

A sum of 20276674 shares traded at recent session while its average daily volume was at 3.43M shares. Co-Diagnostics Inc. shares reached a high of $11.89 and dropped to a low of $8.20 until finishing in the latest session at $11.70.

The average equity rating for CODX stock is currently 2.00, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Co-Diagnostics Inc. [CODX]:

Maxim Group have made an estimate for Co-Diagnostics Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 20, 2020. While these analysts kept the previous recommendation, H.C. Wainwright raised their target price from $20 to $35. The new note on the price target was released on May 18, 2020, representing the official price target for Co-Diagnostics Inc. stock. Previously, the target price had yet another raise from $4 to $20, while H.C. Wainwright kept a Buy rating on CODX stock.

The Average True Range (ATR) for Co-Diagnostics Inc. is set at 2.04, with the Price to Sales ratio for CODX stock in the period of the last 12 months amounting to 14.43. The Price to Book ratio for the last quarter was 9.67, with the Price to Cash per share for the same quarter was set at 0.59.

CODX Stock Performance Analysis:

Co-Diagnostics Inc. [CODX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 7.34. With this latest performance, CODX shares dropped by -54.53% in over the last four-week period, additionally plugging by 69.81% over the last 6 months – not to mention a rise of 1003.77% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CODX stock in for the last two-week period is set at 40.60, with the RSI for the last a single of trading hit 43.19, and the three-weeks RSI is set at 40.49 for Co-Diagnostics Inc. [CODX]. The present Moving Average for the last 50 days of trading for this stock 18.31, while it was recorded at 9.91 for the last single week of trading, and 11.11 for the last 200 days.

Insight into Co-Diagnostics Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Co-Diagnostics Inc. [CODX] shares currently have an operating margin of -2741.61 and a Gross Margin at +17.04. Co-Diagnostics Inc.’s Net Margin is presently recorded at -2882.00.

Return on Total Capital for CODX is now -455.64, given the latest momentum, and Return on Invested Capital for the company is -1,826.40. Return on Equity for this stock declined to -1,826.40, with Return on Assets sitting at -328.81.

Reflecting on the efficiency of the workforce at the company, Co-Diagnostics Inc. [CODX] managed to generate an average of -$269,372 per employee. Receivables Turnover for the company is 2.97 with a Total Asset Turnover recorded at a value of 0.11.Co-Diagnostics Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 8.20 and a Current Ratio set at 11.60.

CODX Stock EPS

With the latest financial reports released by the company, Co-Diagnostics Inc. posted -0.1/share EPS, while the average EPS was predicted by analysts to be reported at -0.07/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -42.90%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CODX.

Co-Diagnostics Inc. [CODX] Insider Position Details

There are presently around $78 million, or 29.10% of CODX stock, in the hands of institutional investors. The top three institutional holders of CODX stocks are: BLACKROCK INC. with ownership of 1,801,790, which is approximately New of the company’s market cap and around 24.21% of the total institutional ownership; VANGUARD GROUP INC, holding 1,302,263 shares of the stock with an approximate value of $15.24 million in CODX stocks shares; and STATE STREET CORP, currently with $5.57 million in CODX stock with ownership of nearly New of the company’s market capitalization.

Positions in Co-Diagnostics Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 69 institutional holders increased their position in Co-Diagnostics Inc. [NASDAQ:CODX] by around 4,986,283 shares. Additionally, 20 investors decreased positions by around 476,629 shares, while 6 investors held positions by with 1,216,765 shares. The mentioned changes placed institutional holdings at 6,679,677 shares, according to the latest SEC report filing. CODX stock had 50 new institutional investments in for a total of 3,265,371 shares, while 9 institutional investors sold positions of 191,626 shares during the same period.

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