Short Interest in Co-Diagnostics Inc (NASDAQ:CODX) Increases By 43.5%

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Co-Diagnostics Inc (NASDAQ:CODX) was the recipient of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 710,400 shares, a growth of 43.5% from the April 30th total of 495,200 shares. Approximately 6.9% of the shares of the stock are short sold. Based on an average trading volume of 309,200 shares, the short-interest ratio is currently 2.3 days.

Shares of NASDAQ:CODX traded up $0.03 during trading on Wednesday, reaching $0.77. 70,497 shares of the company’s stock traded hands, compared to its average volume of 623,052. Co-Diagnostics has a fifty-two week low of $0.69 and a fifty-two week high of $4.30.

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

CODX has been the topic of a number of analyst reports. HC Wainwright initiated coverage on Co-Diagnostics in a research report on Monday, March 11th. They set a “buy” rating and a $2.00 target price on the stock. Maxim Group initiated coverage on Co-Diagnostics in a research report on Tuesday, April 9th. They set a “buy” rating and a $2.00 target price on the stock. Finally, Zacks Investment Research cut Co-Diagnostics from a “hold” rating to a “sell” rating in a research report on Wednesday, May 22nd.

A hedge fund recently raised its stake in Co-Diagnostics stock. Vanguard Group Inc increased its holdings in shares of Co-Diagnostics Inc (NASDAQ:CODX) by 18.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 95,342 shares of the company’s stock after acquiring an additional 15,027 shares during the period. Vanguard Group Inc’s holdings in Co-Diagnostics were worth $251,000 as of its most recent SEC filing. Institutional investors own 10.63% of the company’s stock.

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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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