QuidelOrtho (NASDAQ:QDEL) Stock Price Down 5.3%

QuidelOrtho Co. (NASDAQ:QDEL)’s share price traded down 5.3% on Wednesday . The company traded as low as $42.92 and last traded at $42.99. 174,279 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,038,199 shares. The stock had previously closed at $45.39.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on QDEL shares. UBS Group started coverage on shares of QuidelOrtho in a research note on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price on the stock. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and raised their price objective for the company from $40.00 to $57.00 in a report on Thursday, September 5th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $61.00 price objective on shares of QuidelOrtho in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, QuidelOrtho currently has an average rating of “Hold” and an average price target of $58.83.

QuidelOrtho Trading Up 3.1 %

The company has a 50 day simple moving average of $42.54 and a 200 day simple moving average of $41.25. The company has a market capitalization of $3.05 billion, a PE ratio of -1.73 and a beta of 0.08. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.15. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The firm had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $613.51 million. During the same period in the previous year, the business earned $0.26 earnings per share. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. Analysts anticipate that QuidelOrtho Co. will post 1.77 earnings per share for the current year.

Insider Transactions at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 78,180 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $39.94, for a total value of $3,122,509.20. Following the completion of the sale, the insider now owns 8,441,022 shares in the company, valued at approximately $337,134,418.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 1,697,334 shares of company stock valued at $62,666,450. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of QuidelOrtho

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of QuidelOrtho by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock valued at $233,906,000 after acquiring an additional 37,733 shares during the last quarter. Rubric Capital Management LP raised its stake in QuidelOrtho by 51.9% during the second quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after purchasing an additional 1,245,590 shares during the period. Maverick Capital Ltd. boosted its holdings in QuidelOrtho by 27.5% in the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock valued at $57,434,000 after purchasing an additional 372,662 shares during the last quarter. Private Management Group Inc. increased its holdings in shares of QuidelOrtho by 33.4% during the 2nd quarter. Private Management Group Inc. now owns 610,621 shares of the company’s stock worth $20,285,000 after buying an additional 152,769 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. increased its stake in QuidelOrtho by 9.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 593,157 shares of the company’s stock worth $19,705,000 after acquiring an additional 52,729 shares during the last quarter. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

About QuidelOrtho

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.