Entropy Technologies LP Decreases Stake in QuidelOrtho Co. (NASDAQ:QDEL)

Entropy Technologies LP decreased its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 75.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,172 shares of the company's stock after selling 15,981 shares during the quarter. Entropy Technologies LP's holdings in QuidelOrtho were worth $236,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D grew its holdings in shares of QuidelOrtho by 8.2% during the third quarter. State of New Jersey Common Pension Fund D now owns 44,455 shares of the company's stock worth $2,027,000 after purchasing an additional 3,351 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in shares of QuidelOrtho in the 3rd quarter valued at $25,000. Kornitzer Capital Management Inc. KS raised its holdings in shares of QuidelOrtho by 46.7% in the third quarter. Kornitzer Capital Management Inc. KS now owns 207,685 shares of the company's stock valued at $9,470,000 after buying an additional 66,080 shares during the last quarter. Principal Financial Group Inc. raised its stake in QuidelOrtho by 64.5% during the 3rd quarter. Principal Financial Group Inc. now owns 272,037 shares of the company's stock valued at $12,405,000 after acquiring an additional 106,642 shares during the last quarter. Finally, Leeward Investments LLC MA lifted its holdings in shares of QuidelOrtho by 17.1% during the third quarter. Leeward Investments LLC MA now owns 229,847 shares of the company's stock worth $10,481,000 after purchasing an additional 33,588 shares during the period. 99.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Royal Bank of Canada reissued an "outperform" rating and issued a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. Craig Hallum raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and boosted their target price for the company from $40.00 to $57.00 in a research note on Thursday, September 5th. Finally, UBS Group started coverage on QuidelOrtho in a research note on Thursday, September 19th. They set a "neutral" rating and a $50.00 price target on the stock. One equities research 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's stock. According to data from MarketBeat, QuidelOrtho currently has an average rating of "Hold" and a consensus price target of $58.83.

QuidelOrtho Trading Down 7.1 %

QuidelOrtho stock traded down $2.78 during midday trading on Friday, reaching $36.18. The stock had a trading volume of 1,152,633 shares, compared to its average volume of 650,022. The stock's 50-day simple moving average is $42.03 and its 200 day simple moving average is $40.45. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $75.86. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.38. The stock has a market capitalization of $2.43 billion, a PE ratio of -1.30 and a beta of 0.12.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $727.00 million during the quarter, compared to the consensus estimate of $642.16 million. During the same quarter in the prior year, the company earned $0.90 EPS. The company's revenue was down 2.3% on a year-over-year basis. Analysts expect that QuidelOrtho Co. will post 1.72 EPS for the current year.

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.