The stock of Co-Diagnostics, Inc. (NASDAQ:CODX) is now priced at $10.9 and the shares are -0.52 points down or -4.55% lower compared to its previous closing price of $11.42. The stock had 2.193 million contracts set over the past session. CODX shares’ daily volume is compared to its average trading volume at 3.413 million shares. However, it has a float of 25.08 million and although its performance was -13.29% 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 $10.58 to $11.52.

The shorts are climbing into the Co-Diagnostics, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CODX shares have risen. Short interest in the stock represents just 26.51% of its float, but the volume has raised by 433186. The volume of shorted shares rised to 6.649 million from 6.215 million shares over the last two weeks. The average intraday trading volume has been 4.074 million shares, which means that days to cover moved to roughly 1.631957.

In the last trading session, Co-Diagnostics, Inc. (NASDAQ:CODX) dropped by -$1.67 over the week and lost -$19.9 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 1187.96%, 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 28.88. This suggests that the stock is overbought at the moment and that CODX shares’ price movement remains not stable. The stochastic readings are equally revealing at 4.22% meaning the CODX share price is currently in overbought territory.

The technical chart shows that the CODX stock will likely settle at between $11.42 and $11.94 per share. However, if the stock dips below $10.48, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.06.

Currently, the stock is trading in the red of MACD, with a reading of -1.67. 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 4.18X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 54.5 below the group’s average of 65. Co-Diagnostics, Inc. has its P/E ratio at 9.2, which means that the stock is currently trading at a premium relative to the 5.8 industry average.

Zacks Consensus Estimate forecasts that the current-quarter revenues for Co-Diagnostics, Inc. (NASDAQ:CODX) will decrease by about -99.86%, which will see them reach $32.79 million. The company’s full-year revenues are, however, expected to diminish by about -56.34%, down from $215 million to $93.86 million. CODX’s expected adjusted earnings should drop almost -730% to end up at $0.63 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -608.33% to record $1.83/share.