Chembio Diagnostics (CEMI) Hits New 1-Year Low After Earnings Miss

Chembio Diagnostics Inc (NASDAQ:CEMI) hit a new 52-week low during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $6.44 and last traded at $7.07, with a volume of 4800 shares traded. The stock had previously closed at $7.25.

The company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.10). Chembio Diagnostics had a negative return on equity of 26.91% and a negative net margin of 16.54%.

In other news, insider Robert Passas purchased 15,000 shares of Chembio Diagnostics stock in a transaction dated Monday, November 5th. The shares were purchased at an average price of $6.75 per share, with a total value of $101,250.00. Following the transaction, the insider now owns 15,000 shares in the company, valued at $101,250. The purchase was disclosed in a document filed with the SEC, which is available through this link. 4.65% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in shares of Chembio Diagnostics by 7.3% during the 3rd quarter. Wells Fargo & Company MN now owns 144,550 shares of the company’s stock valued at $1,518,000 after buying an additional 9,800 shares during the period. BlackRock Inc. raised its position in shares of Chembio Diagnostics by 29.7% during the 2nd quarter. BlackRock Inc. now owns 44,232 shares of the company’s stock valued at $491,000 after buying an additional 10,120 shares during the period. Spark Investment Management LLC purchased a new stake in shares of Chembio Diagnostics during the 2nd quarter valued at approximately $218,000. Perkins Capital Management Inc. raised its position in shares of Chembio Diagnostics by 26.9% during the 2nd quarter. Perkins Capital Management Inc. now owns 94,550 shares of the company’s stock valued at $1,050,000 after buying an additional 20,050 shares during the period. Finally, Benchmark Capital Advisors raised its position in shares of Chembio Diagnostics by 28.2% during the 2nd quarter. Benchmark Capital Advisors now owns 96,235 shares of the company’s stock valued at $1,068,000 after buying an additional 21,143 shares during the period. 46.09% of the stock is currently owned by hedge funds and other institutional investors.

The stock has a market cap of $101.23 million, a P/E ratio of -13.21 and a beta of 1.46. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.58 and a current ratio of 3.53.

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Chembio Diagnostics Company Profile (NASDAQ:CEMI)

Chembio Diagnostics, Inc, together with its subsidiaries, develops, manufactures, and commercializes point-of-care (POC) diagnostic tests that are used to detect or monitor diseases. It offers tests for HIV and Syphilis, and Zika virus. The company also develops tests for malaria, Dengue virus, chikungunya virus, Ebola, Lassa, Marburg, leptospirosis, Rickettsia typhi, Burkholderia pseudomallei, and Orientia tsutsugamushi.

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