Co Diagnostics Stock Market Value
| CODX Stock | USD 0.80 0.01 0.62% |
| Symbol | CODX |
Co Diagnostics Price To Book Ratio
Is Health Care Equipment & Supplies space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Co Diagnostics. If investors know CODX will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Co Diagnostics listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.308 | Earnings Share (1.38) | Revenue Per Share | Quarterly Revenue Growth (0.74) | Return On Assets |
The market value of Co Diagnostics is measured differently than its book value, which is the value of CODX that is recorded on the company's balance sheet. Investors also form their own opinion of Co Diagnostics' value that differs from its market value or its book value, called intrinsic value, which is Co Diagnostics' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Co Diagnostics' market value can be influenced by many factors that don't directly affect Co Diagnostics' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Co Diagnostics' value and its price as these two are different measures arrived at by different means. Investors typically determine if Co Diagnostics is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Co Diagnostics' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
Co Diagnostics 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Co Diagnostics' stock what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Co Diagnostics.
| 12/21/2024 |
| 01/20/2025 |
If you would invest 0.00 in Co Diagnostics on December 21, 2024 and sell it all today you would earn a total of 0.00 from holding Co Diagnostics or generate 0.0% return on investment in Co Diagnostics over 30 days. Co Diagnostics is related to or competes with Heart Test, NanoVibronix, Rapid Micro, Biomerica, Bluejay Diagnostics, Movano, and EnVVeno Medical. Co-Diagnostics, Inc., a molecular diagnostics company, develops, manufactures, and sells reagents used for diagnostic te... More
Co Diagnostics Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Co Diagnostics' stock current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Co Diagnostics upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.12) | |||
| Maximum Drawdown | 42.21 | |||
| Value At Risk | (6.82) | |||
| Potential Upside | 6.41 |
Co Diagnostics Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Co Diagnostics' investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Co Diagnostics' standard deviation. In reality, there are many statistical measures that can use Co Diagnostics historical prices to predict the future Co Diagnostics' volatility.| Risk Adjusted Performance | (0.09) | |||
| Jensen Alpha | (0.63) | |||
| Total Risk Alpha | (0.76) | |||
| Treynor Ratio | 4.14 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Co Diagnostics' price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Co Diagnostics Backtested Returns
Co Diagnostics retains Efficiency (Sharpe Ratio) of -0.11, which signifies that the company had a -0.11 % return per unit of price deviation over the last 3 months. Co Diagnostics exposes twenty-three different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm Co Diagnostics' Information Ratio of (0.12), market risk adjusted performance of 4.15, and Variance of 28.72 to double-check the risk estimate we provide. The firm owns a Beta (Systematic Risk) of -0.15, which signifies not very significant fluctuations relative to the market. As returns on the market increase, returns on owning Co Diagnostics are expected to decrease at a much lower rate. During the bear market, Co Diagnostics is likely to outperform the market. At this point, Co Diagnostics has a negative expected return of -0.61%. Please make sure to confirm Co Diagnostics' jensen alpha and the relationship between the potential upside and period momentum indicator , to decide if Co Diagnostics performance from the past will be repeated in the future.
Auto-correlation | -0.04 |
Very weak reverse predictability
Co Diagnostics has very weak reverse predictability. Overlapping area represents the amount of predictability between Co Diagnostics time series from 21st of December 2024 to 5th of January 2025 and 5th of January 2025 to 20th of January 2025. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Co Diagnostics price movement. The serial correlation of -0.04 indicates that only as little as 4.0% of current Co Diagnostics price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.04 | |
| Spearman Rank Test | -0.35 | |
| Residual Average | 0.0 | |
| Price Variance | 0.01 |
Co Diagnostics lagged returns against current returns
Autocorrelation, which is Co Diagnostics stock's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Co Diagnostics' stock expected returns. We can calculate the autocorrelation of Co Diagnostics returns to help us make a trade decision. For example, suppose you find that Co Diagnostics has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Co Diagnostics regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Co Diagnostics stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Co Diagnostics stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Co Diagnostics stock over time.
Current vs Lagged Prices |
| Timeline |
Co Diagnostics Lagged Returns
When evaluating Co Diagnostics' market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Co Diagnostics stock have on its future price. Co Diagnostics autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Co Diagnostics autocorrelation shows the relationship between Co Diagnostics stock current value and its past values and can show if there is a momentum factor associated with investing in Co Diagnostics.
Regressed Prices |
| Timeline |
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Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.Additional Tools for CODX Stock Analysis
When running Co Diagnostics' price analysis, check to measure Co Diagnostics' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Co Diagnostics is operating at the current time. Most of Co Diagnostics' value examination focuses on studying past and present price action to predict the probability of Co Diagnostics' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Co Diagnostics' price. Additionally, you may evaluate how the addition of Co Diagnostics to your portfolios can decrease your overall portfolio volatility.