Co-Diagnostics Inc. [CODX] Revenue clocked in at $25.70 million, up 1596.83% YTD: What’s Next?

Co-Diagnostics Inc. [NASDAQ: CODX] jumped around 1.89 points on Thursday, while shares priced at $15.19 at the close of the session, up 14.21%. The company report on November 11, 2020 that Co-Diagnostics, Inc. CoPrimers™ Shown to be Effective in COVID-19 Saliva PCR Tests Without Sample Extraction.

Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced that a recent Company whitepaper demonstrates that the CoPrimer™ platform technology can be used to identify the presence of SARS-CoV-2 in human saliva samples without first requiring RNA extraction of the sample, and can do so while providing low limits of detection.

The technical advance featured in the whitepaper, found here, was the result of a study into the compatibility of CoPrimer technology with detection of SARS-CoV-2 directly from raw saliva. Various CoPrimer assay configurations were used to consistently detect SARS-CoV-2 in minimally processed saliva in the whitepaper, which concludes that CoPrimers provide a robust platform for the development of such tests.

Co-Diagnostics Inc. stock is now 1596.83% up from its year-to-date (YTD) trading value. CODX Stock saw the intraday high of $15.55 and lowest of $13.1754 per share. The company’s 52-week high price is 30.99, which means current price is +1,626.14% above from all time high which was touched on 08/03/20.

Compared to the average trading volume of 3.19M shares, CODX reached a trading volume of 3429142 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 16.78. The Price to Book ratio for the last quarter was 11.68, 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 4.76. With this latest performance, CODX shares gained by 6.52% in over the last four-week period, additionally sinking by -11.01% over the last 6 months – not to mention a rise of 1626.14% 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 58.20, with the RSI for the last a single of trading hit 61.67, and the three-weeks RSI is set at 54.75 for Co-Diagnostics Inc. [CODX]. The present Moving Average for the last 50 days of trading for this stock 13.45, while it was recorded at 13.24 for the last single week of trading, and 14.05 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 9.00 and a Current Ratio set at 12.40.

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 $109 million, or 29.60% of CODX stock, in the hands of institutional investors. The top three institutional holders of CODX stocks are: BLACKROCK INC. with ownership of 1,801,909, which is approximately 0.007% of the company’s market cap and around 6.52% of the total institutional ownership; VANGUARD GROUP INC, holding 1,302,263 shares of the stock with an approximate value of $19.78 million in CODX stocks shares; and STATE STREET CORP, currently with $6.99 million in CODX stock with ownership of nearly -3.362% of the company’s market capitalization.

Positions in Co-Diagnostics Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 59 institutional holders increased their position in Co-Diagnostics Inc. [NASDAQ:CODX] by around 2,576,065 shares. Additionally, 30 investors decreased positions by around 518,465 shares, while 11 investors held positions by with 4,059,531 shares. The mentioned changes placed institutional holdings at 7,154,061 shares, according to the latest SEC report filing. CODX stock had 32 new institutional investments in for a total of 569,568 shares, while 16 institutional investors sold positions of 163,071 shares during the same period.

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