Zacks: Brokerages Set $2.00 Price Target for Co-Diagnostics Inc (NASDAQ:CODX)

Co-Diagnostics Inc (NASDAQ:CODX) has been given an average broker rating score of 1.00 (Strong Buy) from the two analysts that cover the company, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy rating.

Brokerages have set a 12 month consensus target price of $2.00 for the company and are forecasting that the company will post ($0.03) EPS for the current quarter, according to Zacks. Zacks has also given Co-Diagnostics an industry rank of 153 out of 256 based on the ratings given to its competitors.

A number of equities analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Co-Diagnostics from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. HC Wainwright set a $2.00 price target on shares of Co-Diagnostics and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Finally, Maxim Group reaffirmed a “buy” rating and set a $2.00 price target on shares of Co-Diagnostics in a research note on Friday, May 17th.

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc raised its stake in shares of Co-Diagnostics by 18.7% in the 3rd quarter. Vanguard Group Inc now owns 95,342 shares of the company’s stock valued at $251,000 after acquiring an additional 15,027 shares during the period. HighTower Advisors LLC raised its stake in shares of Co-Diagnostics by 22.3% in the 1st quarter. HighTower Advisors LLC now owns 115,002 shares of the company’s stock valued at $122,000 after acquiring an additional 21,000 shares during the period. Finally, Sabby Management LLC purchased a new position in shares of Co-Diagnostics in the 1st quarter valued at $820,000. 10.63% of the stock is currently owned by institutional investors and hedge funds.

Shares of CODX traded up $0.01 on Tuesday, hitting $0.84. 81,500 shares of the stock traded hands, compared to its average volume of 652,683. Co-Diagnostics has a 1 year low of $0.69 and a 1 year high of $4.70.

Co-Diagnostics (NASDAQ:CODX) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). Co-Diagnostics had a negative return on equity of 430.95% and a negative net margin of 19,057.66%. On average, equities analysts predict that Co-Diagnostics will post -0.09 EPS for the current year.

Co-Diagnostics Company Profile

Co-Diagnostics, Inc, a molecular diagnostics company, intends to manufacture and sell reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules. It also intends to sell diagnostic equipment from other manufacturers as self-contained lab systems. Co-Diagnostics, Inc was founded in 2013 and is headquartered in Salt Lake City, Utah.

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