GAMMA Investing LLC Sells 640 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

GAMMA Investing LLC decreased its position in QuidelOrtho Co. (NASDAQ:QDEL) by 20.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,446 shares of the company’s stock after selling 640 shares during the quarter. GAMMA Investing LLC’s holdings in QuidelOrtho were worth $109,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in QDEL. Rubric Capital Management LP grew its holdings in QuidelOrtho by 15.2% during the 3rd quarter. Rubric Capital Management LP now owns 4,200,000 shares of the company’s stock worth $191,520,000 after acquiring an additional 554,410 shares during the last quarter. State Street Corp grew its holdings in QuidelOrtho by 16.9% during the 3rd quarter. State Street Corp now owns 1,907,898 shares of the company’s stock worth $87,000,000 after acquiring an additional 275,522 shares during the last quarter. Maverick Capital Ltd. grew its holdings in QuidelOrtho by 27.5% during the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock worth $57,434,000 after acquiring an additional 372,662 shares during the last quarter. FMR LLC grew its holdings in QuidelOrtho by 28.0% during the 3rd quarter. FMR LLC now owns 1,256,356 shares of the company’s stock worth $57,290,000 after acquiring an additional 274,633 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in QuidelOrtho by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 920,703 shares of the company’s stock valued at $41,996,000 after purchasing an additional 16,059 shares during the period. Institutional investors own 99.00% of the company’s stock.

QuidelOrtho Stock Performance

Shares of NASDAQ:QDEL opened at $45.75 on Friday. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of -1.64 and a beta of 0.08. The firm’s 50 day simple moving average is $41.89 and its 200 day simple moving average is $40.75. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 0.81. QuidelOrtho Co. has a fifty-two week low of $29.74 and a fifty-two week high of $74.04.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings results 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 business had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. QuidelOrtho’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period last year, the company posted $0.90 EPS. As a group, sell-side analysts forecast that QuidelOrtho Co. will post 1.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of QuidelOrtho in a research report on Tuesday, December 10th. They set a “hold” rating and a $43.00 target price on the stock. Citigroup upgraded shares of QuidelOrtho from a “neutral” rating to a “buy” rating and upped their target price for the company from $44.00 to $50.00 in a research report on Wednesday, December 11th. UBS Group assumed coverage on shares of QuidelOrtho in a research report on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price on the stock. Finally, William Blair restated a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $53.43.

Insider Activity at QuidelOrtho

In other news, CEO Brian J. Blaser purchased 6,033 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were bought at an average cost of $41.42 per share, for a total transaction of $249,886.86. Following the completion of the acquisition, the chief executive officer now directly owns 6,033 shares in the company, valued at approximately $249,886.86. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $35.31, for a total value of $291,667,061.73. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

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.