QuidelOrtho Co. (NASDAQ:QDEL) Stake Boosted by HBK Investments L P

HBK Investments L P lifted its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 52.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 329,645 shares of the company's stock after buying an additional 113,242 shares during the period. HBK Investments L P owned about 0.49% of QuidelOrtho worth $15,032,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Capital Performance Advisors LLP acquired a new stake in shares of QuidelOrtho in the 3rd quarter worth approximately $25,000. Fifth Third Bancorp increased its position in QuidelOrtho by 907.3% during the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company's stock worth $27,000 after purchasing an additional 744 shares in the last quarter. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 378 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of QuidelOrtho during the 2nd quarter worth about $102,000. Finally, Quest Partners LLC grew its holdings in shares of QuidelOrtho by 17,095.0% during the second quarter. Quest Partners LLC now owns 3,439 shares of the company's stock worth $114,000 after buying an additional 3,419 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. William Blair restated a "market perform" rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Royal Bank of Canada reiterated an "outperform" rating and issued a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. Craig Hallum raised QuidelOrtho from a "hold" rating to a "buy" rating and raised their price target for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. Finally, UBS Group started coverage on QuidelOrtho in a report on Thursday, September 19th. They issued a "neutral" rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, QuidelOrtho has a consensus rating of "Hold" and an average target price of $58.83.

Insiders Place Their Bets

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of QuidelOrtho stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.00% of the stock is currently owned by company insiders.

QuidelOrtho Stock Down 0.3 %

NASDAQ QDEL traded down $0.12 during trading hours on Friday, hitting $41.00. The company had a trading volume of 320,413 shares, compared to its average volume of 995,336. QuidelOrtho Co. has a fifty-two week low of $29.74 and a fifty-two week high of $75.86. The firm's 50 day moving average is $40.97 and its 200 day moving average is $40.28. 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 $2.76 billion, a price-to-earnings ratio of -1.47 and a beta of 0.12.

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, topping the consensus estimate of $0.30 by $0.55. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The firm had revenue of $727.00 million for the quarter, compared to analyst estimates of $642.16 million. During the same period in the previous year, the company posted $0.90 EPS. QuidelOrtho's revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts anticipate that QuidelOrtho Co. will post 1.73 earnings per share 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.