ARS Investment Partners LLC reduced its stake in Chembio Diagnostics Inc (NASDAQ:CEMI) by 23.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 501,206 shares of the company’s stock after selling 151,678 shares during the quarter. ARS Investment Partners LLC’s holdings in Chembio Diagnostics were worth $2,782,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of CEMI. Nantahala Capital Management LLC acquired a new stake in Chembio Diagnostics in the 4th quarter worth approximately $4,641,000. Segall Bryant & Hamill LLC bought a new position in Chembio Diagnostics in the 4th quarter worth approximately $1,973,000. Perkins Capital Management Inc. increased its position in Chembio Diagnostics by 124.6% in the 1st quarter. Perkins Capital Management Inc. now owns 272,650 shares of the company’s stock worth $1,513,000 after buying an additional 151,250 shares during the period. Royce & Associates LP increased its position in Chembio Diagnostics by 47.0% in the 4th quarter. Royce & Associates LP now owns 469,153 shares of the company’s stock worth $2,655,000 after buying an additional 150,000 shares during the period. Finally, Stonepine Capital Management LLC bought a new position in Chembio Diagnostics in the 4th quarter worth approximately $832,000. Hedge funds and other institutional investors own 41.75% of the company’s stock.

Shares of NASDAQ CEMI opened at $7.09 on Friday. The company has a current ratio of 3.73, a quick ratio of 2.38 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $121.91 million, a price-to-earnings ratio of -12.89 and a beta of 1.88. Chembio Diagnostics Inc has a 12 month low of $4.85 and a 12 month high of $11.55.

Chembio Diagnostics (NASDAQ:CEMI) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.14) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.14). The company had revenue of $8.30 million for the quarter, compared to the consensus estimate of $8.24 million. Chembio Diagnostics had a negative return on equity of 36.34% and a negative net margin of 29.51%. On average, research analysts forecast that Chembio Diagnostics Inc will post -0.54 earnings per share for the current fiscal year.

Several research analysts have commented on CEMI shares. Canaccord Genuity reaffirmed a “buy” rating and issued a $10.00 price target on shares of Chembio Diagnostics in a research report on Thursday, May 2nd. ValuEngine raised Chembio Diagnostics from a “hold” rating to a “buy” rating in a research report on Tuesday, April 16th.

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Chembio Diagnostics 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 HIV and Syphilis, and Zika virus. It also develops tests for malaria, dengue virus, chikungunya virus, ebola, lassa, marburg, leptospirosis, Rickettsia typhi, Burkholderia pseudomallei, and Orientia tsutsugamushi.

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Institutional Ownership by Quarter for Chembio Diagnostics (NASDAQ:CEMI)

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