Co-Diagnostics (NASDAQ:CODX) Releases FY 2021 Earnings Guidance

Co-Diagnostics (NASDAQ:CODX) issued an update on its FY 2021 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.070-$1.160 for the period, compared to the Thomson Reuters consensus estimate of $0.980. The company issued revenue guidance of $96 million-$100 million, compared to the consensus revenue estimate of $95.21 million.

Shares of Co-Diagnostics stock opened at $8.48 on Thursday. The stock has a market cap of $244.99 million, a price-to-earnings ratio of 6.06 and a beta of -3.29. The firm’s 50-day moving average is $8.91 and its 200 day moving average is $9.06. Co-Diagnostics has a 1 year low of $7.01 and a 1 year high of $20.69.

Co-Diagnostics (NASDAQ:CODX) last posted its earnings results on Thursday, November 11th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.17. Co-Diagnostics had a net margin of 40.11% and a return on equity of 50.81%. During the same quarter in the previous year, the company posted $0.53 EPS. Research analysts anticipate that Co-Diagnostics will post 1.12 earnings per share for the current fiscal year.

Several equities analysts have issued reports on the stock. HC Wainwright lowered their target price on shares of Co-Diagnostics from $16.00 to $15.00 and set a buy rating on the stock in a research note on Friday, November 12th. Maxim Group restated a hold rating on shares of Co-Diagnostics in a research note on Friday, November 12th. Zacks Investment Research upgraded shares of Co-Diagnostics from a hold rating to a buy rating and set a $10.00 target price on the stock in a research note on Monday, November 15th. Finally, Litchfield Hills Research restated a buy rating on shares of Co-Diagnostics in a research note on Monday, November 15th.

Several large investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in shares of Co-Diagnostics by 15.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 170,568 shares of the company’s stock worth $1,660,000 after purchasing an additional 22,896 shares during the period. Morgan Stanley lifted its stake in shares of Co-Diagnostics by 6.9% in the 3rd quarter. Morgan Stanley now owns 137,302 shares of the company’s stock worth $1,336,000 after purchasing an additional 8,877 shares during the period. Finally, Royal Bank of Canada lifted its stake in shares of Co-Diagnostics by 59.4% in the 3rd quarter. Royal Bank of Canada now owns 111,891 shares of the company’s stock worth $1,089,000 after purchasing an additional 41,707 shares during the period. Hedge funds and other institutional investors own 25.61% of the company’s stock.

Co-Diagnostics Company Profile

Co-Diagnostics, Inc engages in the development and innovation of molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications. Its diagnostics systems enable very rapid, low-cost, molecular testing for organisms and genetic diseases by automating historically complex procedures in both the development and administration of tests.

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