Renaissance Technologies LLC Has $3.47 Million Stake in QuidelOrtho Co. (NASDAQ:QDEL)

Renaissance Technologies LLC lowered its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 69.3% during the second quarter, HoldingsChannel reports. The fund owned 104,412 shares of the company’s stock after selling 236,080 shares during the quarter. Renaissance Technologies LLC’s holdings in QuidelOrtho were worth $3,469,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of QDEL. Fifth Third Bancorp increased its stake in shares of QuidelOrtho by 907.3% in the second quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock valued at $27,000 after buying an additional 744 shares during the period. GAMMA Investing LLC raised its stake in shares of QuidelOrtho by 1,871.8% during the first quarter. GAMMA Investing LLC now owns 1,400 shares of the company’s stock valued at $67,000 after acquiring an additional 1,329 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of QuidelOrtho during the first quarter worth $86,000. EMC Capital Management acquired a new position in shares of QuidelOrtho during the first quarter worth $117,000. Finally, CWM LLC grew its stake in shares of QuidelOrtho by 1,536.0% in the first quarter. CWM LLC now owns 2,814 shares of the company’s stock worth $135,000 after purchasing an additional 2,642 shares during the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Carlyle Group Inc. sold 24,390 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $30.09, for a total value of $733,895.10. Following the completion of the sale, the insider now directly owns 11,141,580 shares in the company, valued at approximately $335,250,142.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold a total of 1,616,224 shares of company stock valued at $60,053,897 over the last ninety days. 1.00% of the stock is owned by corporate insiders.

QuidelOrtho Stock Performance

QDEL stock opened at $45.55 on Monday. The firm has a market cap of $3.06 billion, a PE ratio of -1.73 and a beta of 0.08. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average price of $42.75 and a 200-day moving average price of $41.21. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $75.86.

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

Analyst Ratings Changes

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

QuidelOrtho Profile

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.