Growing Through Challenges? – Co-Diagnostics Inc. (CODX)

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BlackRock Fund Advisors recently announced the acquisition of new stake in Co-Diagnostics Inc. (NASDAQ:CODX). This fresh investment now brings its stake to 5.89% valued currently at $38.81 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.46 million to 1.22 million shares.

With over 2.66 million Co-Diagnostics Inc. (CODX) shares trading Friday and a closing price of $14.86 on the day, the dollar volume was approximately $39.46 million. The shares have shown a negative weekly performance of -8.78% and its price on 08/21/20 gained nearly 3.27%. Currently, there are 27.58M common shares owned by the public and among those 25.08M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for CODX have a consensus price objective of $35.33. The analysts have set the share’s price value over the next 12 months at a high of $43.00 and a low of $30.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Co-Diagnostics Inc. stock is 2.00 for the next 12 months. But an upside of 65.44% will see the stock hit the forecast high price target while mean target price for the stock is $33.00.

Insiders at the company have transacted a total of 10 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 4 of these insider trades were purchases, accounting for 100,000 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 125,000 shares.

The top 3 mutual fund holders in Co-Diagnostics Inc. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 0.75 million shares of the company’s stock, all valued at over $17.97 million. iShares Russell 2000 ETF sold 24990.0 shares to see its total holdings shrink to 0.53 million shares valued at over $12.78 million and representing 1.94% of the shares outstanding. Vanguard Extended Market Index Fu bought 10157.0 shares to bring its total holdings to over 0.29 million shares at a value of $7.03 million. Vanguard Extended Market Index Fu now owns shares totaling to 1.07% of the shares outstanding.

Shares of Co-Diagnostics Inc. (NASDAQ: CODX) opened at $14.30, down -$0.09 from a prior closing price of $14.39. However, the script later closed the day at $14.86, up 3.27%. The company’s stock has a 5-day price change of -8.78% and -19.89% over the past three months. CODX shares are trading 1559.96% year to date (YTD), with the 12-month market performance up to 1215.04% higher. It has a 12-month low price of $0.85 and touched a high of $30.99 over the same period. Currently, 2.66 million shares have been traded, compared to an average intraday trading volume of 3.37 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -32.01%, -24.43%, and 41.79% respectively.

Institutional ownership of Co-Diagnostics Inc. (NASDAQ: CODX) shares accounts for 29.10% of the company’s 27.58M shares outstanding. Mutual fund holders own 14.33%, while other institutional holders and individual stakeholders account for 8.62% and 10.23% respectively.

It has a market capitalization of $404.04M. The stock’s trailing 12-month PE ratio is 82.10, while the earnings-per-share (ttm) stands at $0.18. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.77% over the week and 10.13% over the month.

Analysts forecast that Co-Diagnostics Inc. (CODX) will achieve an EPS of $Celldex Therapeutics, Inc. for the current quarter, $10.99 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Compass Diversified Holdings Sh while analysts give the company a high EPS estimate of $Global X Copper Miners ETF. Comparatively, EPS for the current quarter was $Coda Octopus Group, Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 26.40%, and 42.46% over the next financial year.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate Co-Diagnostics Inc. (CODX) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 0 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the CODX, a number of firms have released research notes about the stock. Maxim Group stated their Buy rating for the stock in a research note on May 20, 2020, with the firm’s price target at. H.C. Wainwright coverage for the Co-Diagnostics Inc. (CODX) stock in a research note released on May 18, 2020 offered a Buy rating with a price target of $35. H.C. Wainwright was of a view on March 09, 2020 that the stock is Buy, while Maxim Group gave the stock Hold rating on March 03, 2020, issuing a price target of.

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