Shares of Chembio Diagnostics Inc (NASDAQ:CEMI) have earned an average broker rating score of 1.33 (Strong Buy) from the three brokers that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company.
Analysts have set a 12 month consensus target price of $11.38 for the company and are anticipating that the company will post ($0.16) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Chembio Diagnostics an industry rank of 95 out of 256 based on the ratings given to related companies.
A number of research firms have weighed in on CEMI. Canaccord Genuity restated a “buy” rating and issued a $10.00 price target on shares of Chembio Diagnostics in a research note on Thursday, May 2nd. ValuEngine cut Chembio Diagnostics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 11th. Finally, Benchmark cut their target price on Chembio Diagnostics from $14.00 to $9.00 and set a “buy” rating on the stock in a research report on Monday, June 17th.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace North America L.P. purchased a new position in shares of Chembio Diagnostics during the first quarter worth about $48,000. Spark Investment Management LLC grew its holdings in shares of Chembio Diagnostics by 28.7% during the first quarter. Spark Investment Management LLC now owns 26,510 shares of the company’s stock worth $147,000 after buying an additional 5,910 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Chembio Diagnostics by 8.8% during the fourth quarter. BlackRock Inc. now owns 50,282 shares of the company’s stock worth $285,000 after buying an additional 4,083 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Chembio Diagnostics by 47.1% during the fourth quarter. Northern Trust Corp now owns 53,868 shares of the company’s stock worth $305,000 after buying an additional 17,258 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Chembio Diagnostics by 51.0% during the fourth quarter. Geode Capital Management LLC now owns 78,318 shares of the company’s stock worth $443,000 after buying an additional 26,459 shares during the last quarter. Institutional investors and hedge funds own 39.15% of the company’s stock.
Chembio Diagnostics stock traded up $0.48 during midday trading on Thursday, reaching $6.17. The company’s stock had a trading volume of 42,800 shares, compared to its average volume of 55,728. Chembio Diagnostics has a fifty-two week low of $4.85 and a fifty-two week high of $11.55. The company has a current ratio of 3.73, a quick ratio of 2.38 and a debt-to-equity ratio of 0.21. The stock has a market cap of $101.63 million, a P/E ratio of -11.22 and a beta of 1.84. The stock’s 50-day moving average is $6.75.
Chembio Diagnostics (NASDAQ:CEMI) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.14) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.14). Chembio Diagnostics had a negative return on equity of 36.34% and a negative net margin of 29.51%. The company had revenue of $8.30 million for the quarter, compared to analysts’ expectations of $8.24 million. As a group, equities research analysts forecast that Chembio Diagnostics will post -0.54 earnings per share for the current year.
Chembio Diagnostics Company Profile
Chembio Diagnostics, Inc, together with its subsidiaries, develops, manufactures, and commercializes point-of-care (POC) diagnostic tests that are used to detect or diagnose diseases. The company offers tests for HIV and Syphilis, and Zika virus. It also develops tests for malaria, dengue virus, chikungunya virus, ebola, lassa, marburg, leptospirosis, Rickettsia typhi, Burkholderia pseudomallei, and Orientia tsutsugamushi.
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