Covestor Ltd Sells 732 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Covestor Ltd trimmed its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 28.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,815 shares of the company’s stock after selling 732 shares during the period. Covestor Ltd’s holdings in QuidelOrtho were worth $83,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in QDEL. Capital Performance Advisors LLP purchased a new position in shares of QuidelOrtho during the third quarter valued at approximately $25,000. Fifth Third Bancorp boosted its holdings in QuidelOrtho by 907.3% during the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock valued at $27,000 after acquiring an additional 744 shares during the period. GAMMA Investing LLC grew its position in QuidelOrtho by 27.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after acquiring an additional 378 shares during the last quarter. Headlands Technologies LLC purchased a new stake in QuidelOrtho in the first quarter worth $86,000. Finally, Innealta Capital LLC bought a new stake in shares of QuidelOrtho during the second quarter worth $102,000. 99.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

QuidelOrtho Stock Down 2.7 %

Shares of NASDAQ QDEL opened at $40.02 on Thursday. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86. The stock’s fifty day simple moving average is $42.29 and its two-hundred day simple moving average is $40.49. The stock has a market capitalization of $2.69 billion, a PE ratio of -1.43 and a beta of 0.12. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.55. The company had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 earnings per share. As a group, analysts expect that QuidelOrtho Co. will post 1.72 EPS for the current fiscal year.

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.