Co-Diagnostics, Inc. (NASDAQ:CODX) slides -2.49% in recent trade, what to expect next?

Co-Diagnostics, Inc. (NASDAQ:CODX) traded at $9.79 at close of the session on Tuesday, Dec 29, made a downturn move of -2.49% on its previous day’s price.

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Looking at the stock we see that its previous close was $10.04 and the beta (5Y monthly) reads -1.71 with the day’s price range being $9.01 – 10.10. The company has a trailing 12-month PE ratio of 10.94. In terms of its 52-week price range, CODX has a high of $30.99 and a low of $0.88. The company’s stock has gained about -17.66% over that past 30 days.

Co-Diagnostics, Inc. has a market cap of $278.82 Million and is expected to release its quarterly earnings report on November 16, 2020. With its Forward Dividend at 0 and a yield of 0%, the company’s investors could be worried for the CODX stock to lose ahead of the earnings release. Estimates by analysts give the company expected earnings per share (EPS) of $0.48, with the EPS growth for the year raised at $1.54 for 2020 and $1.94 for next year. These figures represent -5.28% and 0.26% growth in EPS for the two years respectively.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $24.99 Million, with a low of $24Million and a high of $25.98 Million. The median projection represents growth adding up to 22826.6% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2020 is expected to hit $72.37 Million, or +33560.5% up from figures reported last year.

On the other hand, looking at the outlook for the CODX stock, short term indicators assign the stock an average of 100% Sell, while medium term indicators assign it an average of 100% Sell. Long term indicators on average place the stock in the category of 100% Sell.

Based on estimates by 2 analysts, where scores have ranged from 1.00 for a strong buy to 5.00 for a strong sell, none have rated the Co-Diagnostics, Inc. (CODX) stock as a Hold, while 2 rate it as a Buy. None analyst(s) rate it as outperform while none of them rated it as underperform, whereas none suggest the stock as a Sell. The stock has an overall rating of Buy and investors could take advantage and scoop up stock of the company.

Looking further, we note that the PEG ratio for the CODX stock currently stands at 0, and the current price level is -9.47% off its SMA20 and -19.04% from its 50-day simple moving average. The RSI (14) is pointing at 37.22 while the volatility over the past week is 7.66% and drops to 6.16% over the past one month. The beta value is -1.71, while the average true range (ATR) is currently pointing at 0.76. The average price target for the stock over the next 12 months is $31, with the estimates having a low of $20 and a high of $43. These price ends are 104.29% and +339.22% off the current price level respectively, although investors could be excited at the prospect of a +206.44% if the CODX share price touches on the median price of $30.

Let’s briefly compare Co-Diagnostics, Inc. (CODX) stock to its peers. We find that current price change of -2.49% and +969.83% over the past 12 months for CODX competes that of Teladoc Health Inc (TDOC), which has seen its stock price rise 0.58% in the last trading session and was +139.02% over the last one year. Another of its peers Novocure Ltd Ord Sh (NVCR) has dropped -0.49% previous session, and was +98.17% up over the past year, while Avantor Inc (AVTR) was also down -2.49% in the last session, while its price remained in the green at 969.83% over the same period. Co-Diagnostics, Inc. has a P/E ratio of 10.94 compared to Teladoc Health Inc’s 0 and Novocure Ltd Ord Sh’s 2413.71. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial were at -0.22% and -0.22%, respectively, at close of the trading.

Coming back to Co-Diagnostics, Inc. (NASDAQ:CODX), we note that the average 3-month trading volume was 1.93 Million, while that of the preceding 10-day period stands at 1.22 Million. Current shares outstanding are 28.27 Million.

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According to data from Thomson Reuters, insiders hold 6.52% of the company’s shares while institutions hold 33.02%. The data shows that short shares as of December 14, 2020, stood at 6.81 Million at a short ratio of 2.71. This represents a 24.08% short interest in shares outstanding on December 14, 2020. Shares short dropped in December from the previous month at 6.95 Million. Investors should be excited about this stock as its upside potential is great, with current price pushing the stock +993.61% up in year-to-date price movement.

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