The stock of Co-Diagnostics, Inc. (NASDAQ:CODX) is now priced at $12.57 and the shares are -2.29 points down or -15.41% lower compared to its previous closing price of $14.86. CODX shares have a float of 25.08 million and although its performance was -20.06% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CODX share price recently placing at $12.02 to $14.579. However, some brokerage firms have priced the stock below the average, including one that has called $30.

The shorts are climbing into the Co-Diagnostics, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CODX shares have risen. Short interest in the stock represents just 24.78% of its float, but the volume has raised by 220158. The volume of shorted shares rised to 6.215 million from 5.995 million shares over the last two weeks. The average intraday trading volume has been 3.377 million shares, which means that days to cover moved to roughly 1.840329.

In the last trading session, Co-Diagnostics, Inc. (NASDAQ:CODX) dropped by -$3.16 over the week and lost -$9.55 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $30.99. The stock recorded its established 52-week high on 08/03/20.

Since 11/13/19, the stock has traded to a low of $0.85 at 1385.29%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.

Looking at current readings, Co-Diagnostics, Inc.’s two-week RSI is 30.91. This suggests that the stock is neutral at the moment and that CODX shares’ price movement remains stable. The stochastic readings are equally revealing at 3.56% meaning the CODX share price is currently in overbought territory.

The technical chart shows that the CODX stock will likely settle at between $14.09 and $15.62 per share. However, if the stock dips below $11.53, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.5.

Currently, the stock is trading in the red of MACD, with a reading of -2.1. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at Maxim Group raised their recommendation for CODX from Hold to Buy in May 20 review. H.C. Wainwright analysts see the stock as a Buy, but they also raised the share’s target price from $20 to $35 in a flash note released to investors on May 18. H.C. Wainwright analysts see the stock as Buy. Nonetheless, the analysts revised the share prices down on March 09, placing it at $20 from $4.

The average rating for the CODX equity is 2 and is currently gathering a bullish momentum. Of 3 analysts tracking Co-Diagnostics, Inc. polled by Reuters, 0 rated CODX as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the CODX stock price is 4.82X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 62.9 below the group’s average of 64.9. Co-Diagnostics, Inc. has its P/E ratio at 10.6, which means that the stock is currently trading at a premium relative to the 5.8 industry average.

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