Co-Diagnostics Inc. [CODX] moved up 3.02: Why It’s Important

Co-Diagnostics Inc. [NASDAQ: CODX] traded at a high on 10/13/20, posting a 3.02 gain after which it closed the day’ session at $14.65. The company report on October 2, 2020 that Co-Diagnostics, Inc. Logix Smart Kit to be Used with Newly Authorized Saline Oral Rinse Collection.

Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, announced today that Access Genetics, LLC dba OralDNA® Labs, a CLIA-certified customer who uses the Company’s Logix Smart™ COVID-19 kit in their FDA authorized OraRisk® COVID-19 RT-PCR test, recently received an amended Emergency Use Authorization (EUA) allowing testing from a saline oral rinse collection.

OralDNA’s original release can be seen here.

The results of the trading session contributed to over 1026358 shares changing hands. Over the past one week, the price volatility of Co-Diagnostics Inc. stands at 4.67% while the volatility over the past one month is 7.76%.

The market cap for CODX stock reached $411.23 million, with 27.58 million shares outstanding and 26.22 million shares in the current float. Compared to the average trading volume of 3.94M shares, CODX reached a trading volume of 1026358 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about 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 1.20, with the Price to Sales ratio for CODX stock in the period of the last 12 months amounting to 16.00. The Price to Book ratio for the last quarter was 12.11, with the Price to Cash per share for the same quarter was set at 0.66.

How has CODX stock performed recently?

Co-Diagnostics Inc. [CODX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.09. With this latest performance, CODX shares gained by 15.54% in over the last four-week period, additionally plugging by 54.21% over the last 6 months – not to mention a rise of 1295.24% 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 52.66, with the RSI for the last a single of trading hit 56.13, and the three-weeks RSI is set at 50.38 for Co-Diagnostics Inc. [CODX]. The present Moving Average for the last 50 days of trading for this stock 15.10, while it was recorded at 14.50 for the last single week of trading, and 12.72 for the last 200 days.

Co-Diagnostics Inc. [CODX]: Deeper insight into the 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.

Earnings analysis for Co-Diagnostics Inc. [CODX]

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.

Insider trade positions for Co-Diagnostics Inc. [CODX]

There are presently around $98 million, or 29.30% 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 $19.08 million in CODX stocks shares; and STATE STREET CORP, currently with $6.97 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 68 institutional holders increased their position in Co-Diagnostics Inc. [NASDAQ:CODX] by around 4,984,283 shares. Additionally, 20 investors decreased positions by around 478,369 shares, while 6 investors held positions by with 1,215,025 shares. The mentioned changes placed institutional holdings at 6,677,677 shares, according to the latest SEC report filing. CODX stock had 49 new institutional investments in for a total of 3,263,371 shares, while 9 institutional investors sold positions of 193,366 shares during the same period.

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