Co-Diagnostics, Inc. (:CODX) moved -3.29% from the recent close and currently pricing at $1.03. There has been some talk amongst investors regarding this name and is on many “cheap” stock watchlists. Cheap that is in terms of price, but what about value?
One of the most basic ideas that goes along with the stock market is buy low and sell high. Although this advice is overly obvious, many new investors will do the exact opposite when trading stocks. Inexperienced investors have the tendency to buy stocks that have been performing the best recently. This may be caused by certain factors such as not looking into the underlying fundamentals or just hoping that the stock will continue to rise. Rookie investors may also make the error of holding onto shares that continue to drop in value. Instead of cutting the loser loose, they hold off with the hope that eventually the stock will at least get back to the breakeven point.
Sometimes the stock market can be very confusing, even for the most seasoned investors. Even when expectations are met as predicted, the market may decide to move otherwise. This can cause uncertainty and second guessing. Keeping up with historical data as well as short-term and long-term trends may be very helpful. Over the past week, Co-Diagnostics, Inc. (:CODX) shares have performed -4.63%. Pushing back over the last quarter, shares are -6.36%. Looking at stock performance for the past six months, shares are -58.80%. Since the start of the calendar year, shares have performed -30.87%.
Let’s take a quick look at some possible support and resistence levels for the stock. According to a recent spotcheck, company Co-Diagnostics, Inc. (:CODX) have been seen trading -26.43% away from the 50- day high. On the opposite end, shares have been trading 2.28% away from the 50-day low price. Taking a wider perspective, shares have been recently trading -84.53% off the 52-week high and 14.44% away from the 52-week low.
Investors might be looking to find some bargains to add to the portfolio as we move closer towards the end of the year. Maybe some of the earlier portfolio picks don’t look as promising as they did a few months ago. There might also be a few names that have fallen off a cliff and do not look they will be returning to previous levels. Investors may be searching for a few overlooked stocks that the rest of the investing community has passed on for whatever reason. Nobody knows for sure what the next couple of quarters have in store. As earnings season kicks off, investors will be closely following the companies that manage to beat expectations by a wide margin.