Cerity Partners LLC Takes $605,000 Position in QuidelOrtho Co. (NASDAQ:QDEL)

Cerity Partners LLC bought a new position in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 13,266 shares of the company's stock, valued at approximately $605,000.

Other institutional investors have also made changes to their positions in the company. Rubric Capital Management LP lifted its stake in QuidelOrtho by 51.9% in the 2nd quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company's stock worth $121,106,000 after acquiring an additional 1,245,590 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of QuidelOrtho during the third quarter worth approximately $19,565,000. Maverick Capital Ltd. boosted its holdings in shares of QuidelOrtho by 27.5% during the second quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company's stock worth $57,434,000 after purchasing an additional 372,662 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in QuidelOrtho during the second quarter valued at approximately $8,896,000. Finally, Assenagon Asset Management S.A. acquired a new position in QuidelOrtho in the 3rd quarter valued at approximately $7,411,000. 99.00% of the stock is owned by hedge funds and other institutional investors.

QuidelOrtho Stock Performance

Shares of QDEL stock traded up $0.60 during trading on Friday, reaching $38.20. The company had a trading volume of 606,146 shares, compared to its average volume of 1,237,088. The firm's 50 day simple moving average is $40.35 and its two-hundred day simple moving average is $40.09. QuidelOrtho Co. has a one year low of $29.74 and a one year high of $75.86. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 0.81. The company has a market capitalization of $2.57 billion, a PE ratio of -1.37 and a beta of 0.11.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.85 EPS for the quarter, beating analysts' consensus estimates of $0.30 by $0.55. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The company had revenue of $727.00 million for the quarter, compared to analyst estimates of $642.16 million. During the same quarter last year, the firm posted $0.90 earnings per share. The company's quarterly revenue was down 2.3% compared to the same quarter last year. Sell-side analysts forecast that QuidelOrtho Co. will post 1.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business's stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on QDEL. UBS Group initiated coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They set a "neutral" rating and a $50.00 price target on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $61.00 target price on shares of QuidelOrtho in a research report on Friday, August 16th. Craig Hallum upgraded 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 report on Thursday, September 5th. Finally, William Blair restated a "market perform" rating on shares of QuidelOrtho in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $58.83.

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.