Why Co-Diagnostics Inc. [CODX] Stock Can Run Back to New Highs Quicker Than You Think

Co-Diagnostics Inc. [CODX] shares are up more than 976.77% this year and recently decreased -0.01% or -$0.09 to settle at $10.57. CODX has a short ratio of 2.32. This implies that the market is currently less bearish on the outlook for CODX.

On 25, November 2020, Co-Diagnostics JV CoSara Receives Clearance from Indian FDA for COVID-19 2-Gene Multiplex Test. According to news published on Yahoo Finance, Co-Diagnostics, Inc. (Nasdaq: CODX) (the “Company”), a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced today that CoSara Diagnostics Pvt Ltd (“CoSara,” or the “JV”), its joint venture for manufacturing and sales in India, has received clearance by the Central Drugs Standard Control Organization (“CDSCO”) in India to manufacture and sell its Saragene™ COVID-19 2-gene multiplex RT-PCR test as an in vitro diagnostic (“IVD”), intended for the qualitative detection of the SARS-CoV-2 virus.

Analyst Birdseye View:

The most recent analyst activity for Co-Diagnostics Inc. [NASDAQ:CODX] stock was on May 18, 2020, when it was Reiterated with a Buy rating from H.C. Wainwright, which also raised its 12-month price target on the stock from $20 to $35. On March 09, 2020, H.C. Wainwright Reiterated a Buy rating and boosted its price target on this stock from $4 to $20. On March 03, 2020, Maxim Group Downgrade a Hold rating.

In the past 52 weeks of trading, this stock has oscillated between a low of $0.88 and a peak of $30.99. Right now, the middling Wall Street analyst 12-month amount mark is $29.00. At the most recent market close, shares of Co-Diagnostics Inc. [NASDAQ:CODX] were valued at $10.57.

FUNDAMENTAL ANALYSIS

Co-Diagnostics Inc. [NASDAQ:CODX] most recently reported quarterly sales of 21.82 billion, which represented growth of 52559.10%. This publicly-traded organization’s revenue is $9,347 per employee, while its income is -$269,372 per employee. This company’s Gross Margin is currently 74.00%, its Operating Margin is 50.40%, its Pretax Margin is -2882.00, and its Net Margin is -2882.00. Continuing to look at profitability, this corporation’s Return on Assets, Equity, Whole Principal & invested Principal is sitting at -328.81, -1,826.40, -455.64 and -1,826.40 respectively.

Readers are usually of view to make a close observation to the indicators that support and make resistance before moving to any particular stock. As of now, the company’s stock is sitting at 10.47 points at 1st support level, the second support level is making up to 10.27. But as of 1st resistance point, this stock is sitting at 11.04 and at 11.41 for 2nd resistance point.

Co-Diagnostics Inc. [CODX] reported its earnings at $0.53 per share in the fiscal quarter closing of 9/29/2020. The Analysts for Wall Street were expecting to report its earnings at $0.63/share signifying the difference of -0.1 and -15.90% surprise value. Comparing the previous quarter ending of 6/29/2020, the stated earnings were $0.43 calling estimates for $0.59/share with the difference of -0.16 depicting the surprise of -27.10%.

Important Ratio’s To Watch

Meanwhile, turning our focus to liquidity, the Current Ratio for Co-Diagnostics Inc. [NASDAQ:CODX] is 28.60. Likewise, the Quick ratio is also the same, showing Cash ratio at 2.72. Now if looking for a valuation of this stock’s amount to sales ratio it’s 69.78, it’s amount to book ratio is 8.94 and showing 11.91 of P/E (TTM) ratio.

Insider Stories

The most recent insider trade was by BENSON REED L, CFO and Secretary, and it was the sale of 89524.0 shares on Nov 25. Egan Dwight H, the Chief Executive Officer, completed a sale of 44764.0 shares on Nov 24. On Nov 23, Egan Dwight H, Chief Executive Officer, completed a sale of 71569.0 shares.