Chembio Diagnostics (NASDAQ:CEMI) Downgraded by Colliers Securities to “Neutral”

Chembio Diagnostics (NASDAQ:CEMI) was downgraded by investment analysts at Colliers Securities from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

Separately, Zacks Investment Research upgraded Chembio Diagnostics from a “sell” rating to a “hold” rating in a research report on Wednesday, July 7th.

Shares of NASDAQ CEMI traded up $3.06 during midday trading on Wednesday, reaching $5.12. 8,553,739 shares of the stock traded hands, compared to its average volume of 455,264. The company has a market capitalization of $103.68 million, a PE ratio of -4.03 and a beta of 1.85. The stock has a 50 day moving average of $3.00. Chembio Diagnostics has a one year low of $2.06 and a one year high of $8.75. The company has a quick ratio of 1.86, a current ratio of 3.42 and a debt-to-equity ratio of 0.79.

Chembio Diagnostics (NASDAQ:CEMI) last issued its quarterly earnings results on Thursday, May 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.08. The company had revenue of $8.72 million during the quarter. Chembio Diagnostics had a negative return on equity of 79.63% and a negative net margin of 72.88%. On average, equities research analysts forecast that Chembio Diagnostics will post -1.13 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. NEXT Financial Group Inc purchased a new stake in shares of Chembio Diagnostics during the fourth quarter worth about $26,000. Avestar Capital LLC purchased a new stake in shares of Chembio Diagnostics during the second quarter worth about $38,000. American International Group Inc. acquired a new stake in shares of Chembio Diagnostics during the second quarter worth about $39,000. Jane Street Group LLC lifted its holdings in shares of Chembio Diagnostics by 254.7% during the first quarter. Jane Street Group LLC now owns 11,124 shares of the company’s stock worth $39,000 after purchasing an additional 18,313 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Chembio Diagnostics by 69.4% during the fourth quarter. JPMorgan Chase & Co. now owns 8,746 shares of the company’s stock worth $42,000 after purchasing an additional 3,582 shares during the period. Institutional investors and hedge funds own 34.04% of the company’s stock.

Chembio Diagnostics Company Profile

Chembio Diagnostics, Inc, together with its subsidiaries, develops, manufactures, and commercializes point-of-care (POC) diagnostic tests that are used to detect or diagnose diseases. The company offers tests for COVID-19, HIV and Syphilis, and Zika virus. It also develops tests for malaria, dengue, Hepatitis C, chikungunya, Chagas, ebola, leishmaniasis, lassa, marburg, leptospirosis, Rickettsia, and Burkholderia diseases.

Featured Article: Why are analyst ratings important in trading stocks?

The Fly logo

Receive News & Ratings for Chembio Diagnostics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chembio Diagnostics and related companies with MarketBeat.com's FREE daily email newsletter.