The trading price of Chembio Diagnostics Inc. (NASDAQ:CEMI) floating higher at last check on Wednesday, July 21, closing at $6.52, 216.53% higher than its previous close.
Traders who pay close attention to intraday price movement should know that it has been fluctuating between $2.06 and $2.4074. In examining the 52-week price action we see that the stock hit a 52-week high of $8.75 and a 52-week low of $2.06. Over the past month, the stock has lost -32.01% in value.
Chembio Diagnostics Inc., whose market valuation is $42.23 million at the time of this writing, is expected to release its quarterly earnings report May 06, 2021. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -$0.27 per share this quarter, however they have predicted annual earnings per share of -$1.01 for 2021 and -$0.77 for 2022. It means analysts are expecting annual earnings per share growth of 24.60% this year and 23.80% next year.
Analysts have forecast the company to bring in revenue of $8.53 million for the current quarter, with the likely lows of $8.15 million and highs of $8.85 million. The average estimate suggests sales will likely up by 66.90% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2021 is $36.06 million. The company’s revenue is forecast to grow by 11.10% over what it did in 2021.
A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Chembio Diagnostics Inc. No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest CEMI has a 50% Sell on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Sell, while an average of long term indicators suggests that the stock is currently 50% Buy.
Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned CEMI a recommendation rating is 3. Out of them, 1 rate it a Hold, while 2 recommend Buy, whereas 0 assign an Overweight rating. 0 analyst(s) have tagged Chembio Diagnostics Inc. (CEMI) as Underweight, while 0 advise Sell. Analysts have rated the stock Overweight, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.
A quick review shows that CEMI’s price is currently 137.80% off the SMA20 and 116.80% off the SMA50. The RSI metric on the 14-day chart is currently showing 83.37, and weekly volatility stands at 7.19%. When measured over the past 30 days, the indicator reaches 5.34%. Chembio Diagnostics Inc. (NASDAQ:CEMI)’s beta value is currently sitting at 1.90, while the Average True Range indicator is currently displaying 0.15. With analysts defining $4.00-$8.00 as the low and high price targets, we arrive at a consensus price target of $6.00 for the trailing 12-month period. The current price is about 38.65% off the estimated low and -22.7% off the forecast high, based on this estimate. Investors will be thrilled if CEMI’s share price rises to $6.00, which is the median consensus price. At that level, CEMI’s share price would be 7.98% above current price.
To see how Chembio Diagnostics Inc. stock has been performing today in comparison to its peers in the industry, here are the numbers: CEMI stock’s performance was 216.53% at last check in today’s session, and -58.30% in the past year. Another comparable company OraSure Technologies Inc. (OSUR) saw its stock trading 1.15% higher in today’s session but was down -36.63% in a year. Furthermore, Bio-Rad Laboratories Inc. (BIO) showed a decrease of -2.05% today while its price kept inclining at 28.45% over the past year. Chembio Diagnostics Inc. has a P/E ratio of 0. Also during today’s trading, the S&P 500 Index has surged 0.56%, while the Dow Jones Industrial also saw a positive session, up 0.58% today.
An evaluation of the daily trading volume of Chembio Diagnostics Inc. (NASDAQ:CEMI) indicates that the 3-month average is 492.27K. However, this figure has increased over the past 10 days to an average of 0.4 million.
Currently, records show that 20.16 million of the company’s shares remain outstanding. The insiders hold 8.39% of outstanding shares, whereas institutions hold 35.30%. The stats also highlight that short interest as of May 27, 2021, stood at 2.26 million shares, resulting in a short ratio of 5.42 at that time. From this, we can conclude that short interest is 11.14% of the company’s total outstanding shares. It is noteworthy that short shares in May were up slightly from the previous month’s figure, which was 2.23 million. However, since the stock’s price has seen -56.63% year-to-date, investors’ interest is likely to be reignited due to its potential to move even lower.