Amalgamated Bank Trims Position in QuidelOrtho Co. (NASDAQ:QDEL)

Amalgamated Bank decreased its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 7.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,836 shares of the company’s stock after selling 2,699 shares during the period. Amalgamated Bank’s holdings in QuidelOrtho were worth $1,058,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in QDEL. Rubric Capital Management LP grew its stake in shares of QuidelOrtho by 230.6% in the 4th quarter. Rubric Capital Management LP now owns 980,063 shares of the company’s stock valued at $72,231,000 after purchasing an additional 683,637 shares during the last quarter. Norges Bank purchased a new position in QuidelOrtho in the 4th quarter valued at $41,968,000. Invenomic Capital Management LP purchased a new position in QuidelOrtho in the 4th quarter valued at $37,144,000. Thompson Siegel & Walmsley LLC purchased a new position in QuidelOrtho during the 2nd quarter worth $8,896,000. Finally, Private Management Group Inc. lifted its stake in shares of QuidelOrtho by 132.0% in the 1st quarter. Private Management Group Inc. now owns 457,852 shares of the company’s stock worth $21,949,000 after acquiring an additional 260,508 shares during the period. Institutional investors and hedge funds own 99.00% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 214,732 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $38.97, for a total transaction of $8,368,106.04. Following the sale, the insider now directly owns 10,113,040 shares of the company’s stock, valued at approximately $394,105,168.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 1,697,334 shares of company stock worth $62,666,450. 1.00% of the stock is owned by corporate insiders.

QuidelOrtho Trading Up 1.9 %

Shares of QDEL stock opened at $44.18 on Friday. The business has a fifty day simple moving average of $42.54 and a 200-day simple moving average of $41.25. The stock has a market cap of $2.96 billion, a P/E ratio of -1.67 and a beta of 0.08. QuidelOrtho Co. has a fifty-two week low of $29.74 and a fifty-two week high of $75.86. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70.

QuidelOrtho (NASDAQ:QDEL) last posted its earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $613.51 million. During the same quarter in the prior year, the company earned $0.26 EPS. QuidelOrtho’s revenue was down 4.2% on a year-over-year basis. On average, analysts forecast that QuidelOrtho Co. will post 1.77 earnings per share for the current fiscal year.

QuidelOrtho Company 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.