Chembio Diagnostics (NASDAQ:CEMI) Upgraded by ValuEngine to “Buy”

Chembio Diagnostics (NASDAQ:CEMI) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a report issued on Thursday, ValuEngine reports.

Several other brokerages have also recently weighed in on CEMI. Benchmark dropped their price objective on shares of Chembio Diagnostics from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Monday, June 17th. Canaccord Genuity reiterated a “buy” rating and issued a $10.00 price objective on shares of Chembio Diagnostics in a research note on Monday, July 22nd.

Chembio Diagnostics stock remained flat at $$6.05 during midday trading on Thursday. 28,800 shares of the company’s stock traded hands, compared to its average volume of 51,529. Chembio Diagnostics has a twelve month low of $4.85 and a twelve month high of $11.55. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.73 and a quick ratio of 2.38. The company’s fifty day simple moving average is $5.94. The stock has a market cap of $103.54 million, a P/E ratio of -11.00 and a beta of 1.65.

Chembio Diagnostics (NASDAQ:CEMI) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.14) earnings per share for the quarter, hitting the consensus estimate of ($0.14). Chembio Diagnostics had a negative net margin of 29.51% and a negative return on equity of 36.34%. The business had revenue of $8.30 million during the quarter, compared to analysts’ expectations of $8.24 million. Research analysts forecast that Chembio Diagnostics will post -0.54 earnings per share for the current year.

In other Chembio Diagnostics news, insider Javan Esfandiari sold 7,300 shares of Chembio Diagnostics stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $7.41, for a total value of $54,093.00. Following the completion of the sale, the insider now owns 131,473 shares in the company, valued at approximately $974,214.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.90% of the stock is owned by insiders.

Several large investors have recently modified their holdings of CEMI. Roubaix Capital LLC acquired a new position in shares of Chembio Diagnostics in the 2nd quarter valued at approximately $990,000. Perkins Capital Management Inc. lifted its position in shares of Chembio Diagnostics by 124.6% in the 1st quarter. Perkins Capital Management Inc. now owns 272,650 shares of the company’s stock worth $1,513,000 after purchasing an additional 151,250 shares during the period. Penbrook Management LLC acquired a new position in shares of Chembio Diagnostics in the 1st quarter worth approximately $709,000. Deutsche Bank AG lifted its position in shares of Chembio Diagnostics by 108.6% in the 4th quarter. Deutsche Bank AG now owns 82,935 shares of the company’s stock worth $469,000 after purchasing an additional 43,181 shares during the period. Finally, Mesirow Financial Investment Management Inc. acquired a new position in shares of Chembio Diagnostics in the 2nd quarter worth approximately $219,000. Institutional investors own 39.32% of the company’s stock.

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.

Further Reading: How to calculate the intrinsic value of a stock

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for Chembio Diagnostics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chembio Diagnostics and related companies with MarketBeat.com's FREE daily email newsletter.