Renaissance Technologies LLC recently announced the acquisition of new stake in Co-Diagnostics Inc. (NASDAQ:CODX). The institutional investor has increased its shareholding in the Healthcare company by 3.12% to 0.7 million shares with purchase of 21300.0 shares. This fresh investment now brings its stake to 2.28% valued currently at $1.78 million. In addition, BlackRock Fund Advisors raised its holdings by 37953.0 to 0.53 million shares. And Bridgeway Capital Management LLC has lifted its position by 11.87% or 46500.0 shares – to 0.44 million shares.
With over 0.12 million Co-Diagnostics Inc. (CODX) shares trading Monday and a closing price of $2.90 on the day, the dollar volume was approximately $0.36 million. The shares have shown a negative half year performance of -49.39% and its price on 01/23/23 lost nearly -1.69%. Currently, there are 31.32M common shares owned by the public and among those 30.65M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for CODX have a consensus price objective of $15.50. The analysts have set the share’s price value over the next 12 months at a high of $25.00 and a low of $6.00. The average price target is 75.15% above its recent price level and an upside to the estimated low will see the stock gain 51.67% over that period. But an upside of 88.4% will see the stock hit the forecast high price target while median target price for the stock is $15.50.
Insiders at the company have transacted a total of 12 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 8 of these insider trades were purchases, accounting for 240,001 shares. Insider sales of the common stock occurred on 4 occasions, with total insider shares sold totaling 70,020 shares.
The top 3 mutual fund holders in Co-Diagnostics Inc. are Vanguard Total Stock Market Index, Vanguard Extended Market Index Fu, and Bridgeway Ultra Small Company Fun. Vanguard Total Stock Market Index owns 1.28 million shares of the company’s stock, all valued at over $3.22 million. Vanguard Extended Market Index Fu bought 698.0 shares to see its total holdings expand to 0.44 million shares valued at over $1.12 million and representing 1.44% of the shares outstanding. Bridgeway Ultra Small Company Fun bought 37500.0 shares to bring its total holdings to over 0.31 million shares at a value of $0.77 million. Bridgeway Ultra Small Company Fun now owns shares totaling to 0.99% of the shares outstanding.
Shares of Co-Diagnostics Inc. (NASDAQ: CODX) opened at $2.97, up $0.02 from a prior closing price of $2.95. However, the script later moved the day high at 2.9700, down -1.69%. The company’s stock has a 5-day price change of -2.36% and -5.54% over the past three months. CODX shares are trading 15.08% year to date (YTD), with the 12-month market performance down to -64.89% lower. It has a 12-month low price of $2.26 and touched a high of $8.22 over the same period. CODX has an average intraday trading volume of 147.68K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 8.57%, -0.86%, and -30.36% respectively.
Institutional ownership of Co-Diagnostics Inc. (NASDAQ: CODX) shares accounts for 21.00% of the company’s 31.32M shares outstanding. Mutual fund holders own 8.43%, while other institutional holders and individual stakeholders account for 9.03% and 12.04% respectively.
It has a market capitalization of $85.72M and a beta (3y monthly) value of -0.53. The stock’s trailing 12-month PE ratio is 6.29, while the earnings-per-share (ttm) stands at $0.46. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.87% over the week and 6.71% over the month.
Analysts forecast that Co-Diagnostics Inc. (CODX) will achieve an EPS of -$0.04 for the current quarter, -$0.02 for the next quarter and $0.08 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.08 while analysts give the company a high EPS estimate of $0.02. Comparatively, EPS for the current quarter was $0.38 a year ago. Earnings per share for the fiscal year are expected to decrease by -19.20%, and -744.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Co-Diagnostics Inc. (CODX) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 2 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. Sidoti stated their Neutral rating for the stock in a research note on August 12, 2022, with the firm’s price target at $5. Sidoti coverage for the Co-Diagnostics Inc. (CODX) stock in a research note released on December 29, 2021 offered a Buy rating with a price target of $14. H.C. Wainwright on their part issued Buy rating on May 18, 2020.
