Co-Diagnostics Inc. [NASDAQ: CODX] loss -6.52% or -0.86 points to close at $12.34 with a heavy trading volume of 1496320 shares. The company report on March 2, 2021 that Co-Diagnostics New Rapid PCR Point-of-Care and at Home Testing Platform to Detect Covid-19 and Other Diseases Using CoPrimer™ Technology.
Proprietary platform includes countertop device being developed for Co-Diagnostics by world experts in rapid PCR.
Co-Diagnostics, Inc. (Nasdaq: CODX), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, announced the development of a new point-of-care/at home PCR diagnostic testing, screening and surveillance platform designed to perform Covid-19 testing at businesses, schools, homes, hotels, cruise ships, airports, airplanes and other locations.
It opened the trading session at $13.66, the shares rose to $13.74 and dropped to $11.0701, the range by which the price of stock traded the whole day. The daily chart for CODX points out that the company has recorded 26.18% gains over the past six months. However, it is still -121.54% lower than its most recent low trading price.
If we look at the average trading volume of 1.63M shares, CODX reached to a volume of 1496320 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying 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 1.73, with the Price to Sales ratio for CODX stock in the period of the last 12 months amounting to 7.86. The Price to Book ratio for the last quarter was 6.56, with the Price to Cash per share for the same quarter was set at 0.90. Price to Free Cash Flow for CODX in the course of the last twelve months was 59.23 with Quick ratio for the last quarter at 22.70.
Trading performance analysis for CODX stock
Co-Diagnostics Inc. [CODX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.32. With this latest performance, CODX shares dropped by -15.65% in over the last four-week period, additionally plugging by 26.18% over the last 6 months – not to mention a drop of -13.40% 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 40.51, with the RSI for the last a single of trading hit 34.26, and the three-weeks RSI is set at 44.16 for Co-Diagnostics Inc. [CODX]. The present Moving Average for the last 50 days of trading for this stock 13.21, while it was recorded at 13.53 for the last single week of trading, and 14.88 for the last 200 days.
Co-Diagnostics Inc. [CODX]: A deeper dive into fundamental analysis
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 22.70 and a Current Ratio set at 28.60.
Co-Diagnostics Inc. [CODX]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Co-Diagnostics Inc. posted -0.09/share EPS, while the average EPS was predicted by analysts to be reported at -0.09/share. 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.
An analysis of insider ownership at Co-Diagnostics Inc. [CODX]
There are presently around $96 million, or 28.10% of CODX stock, in the hands of institutional investors. The top three institutional holders of CODX stocks are: BLACKROCK INC. with ownership of 1,921,670, which is approximately 6.646% of the company’s market cap and around 6.52% of the total institutional ownership; VANGUARD GROUP INC, holding 1,613,884 shares of the stock with an approximate value of $19.91 million in CODX stocks shares; and NUVEEN ASSET MANAGEMENT, LLC, currently with $8.56 million in CODX stock with ownership of nearly 7.05% of the company’s market capitalization.
Positions in Co-Diagnostics Inc. stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 46 institutional holders increased their position in Co-Diagnostics Inc. [NASDAQ:CODX] by around 1,209,732 shares. Additionally, 34 investors decreased positions by around 1,121,868 shares, while 16 investors held positions by with 5,415,756 shares. The mentioned changes placed institutional holdings at 7,747,356 shares, according to the latest SEC report filing. CODX stock had 18 new institutional investments in for a total of 439,785 shares, while 12 institutional investors sold positions of 170,730 shares during the same period.