Analysts Set QuidelOrtho Co. (NASDAQ:QDEL) PT at $58.83

Shares of QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report) have earned a consensus recommendation of "Hold" from the seven research firms that are currently covering the firm, Marketbeat reports. 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. The average twelve-month price target among brokers that have covered the stock in the last year is $58.83.

A number of analysts have weighed in on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. UBS Group assumed coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They set a "neutral" rating and a $50.00 target price on the stock. Finally, Craig Hallum raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and increased their target price for the stock from $40.00 to $57.00 in a report on Thursday, September 5th.

QuidelOrtho Stock Up 0.2 %

NASDAQ QDEL traded up $0.09 during trading hours on Thursday, reaching $40.07. 601,603 shares of the company traded hands, compared to its average volume of 1,001,602. QuidelOrtho has a 12 month low of $29.74 and a 12 month high of $75.86. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $2.68 billion, a PE ratio of -1.51 and a beta of 0.09. The company has a 50 day moving average of $43.62 and a two-hundred day moving average of $40.74.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.22) by $0.15. The company had revenue of $637.00 million for the quarter, compared to analysts' expectations of $613.51 million. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The firm's revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.26 earnings per share. As a group, equities analysts expect that QuidelOrtho will post 1.77 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Carlyle Group Inc. sold 214,732 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $38.97, for a total value of $8,368,106.04. Following the sale, the insider now owns 10,113,040 shares of the company's stock, valued at $394,105,168.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 1,208,321 shares of company stock valued at $47,059,086 in the last quarter. Company insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On QuidelOrtho

Several large investors have recently bought and sold shares of the stock. Texas Permanent School Fund Corp increased its stake in QuidelOrtho by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company's stock valued at $1,446,000 after buying an additional 257 shares during the period. State of Michigan Retirement System increased its stake in QuidelOrtho by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 12,127 shares of the company's stock valued at $581,000 after buying an additional 300 shares during the period. Balanced Rock Investment Advisors LLC increased its stake in QuidelOrtho by 5.1% during the 2nd quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company's stock valued at $225,000 after buying an additional 329 shares during the period. GAMMA Investing LLC increased its stake in QuidelOrtho by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company's stock valued at $59,000 after buying an additional 378 shares during the period. Finally, Algert Global LLC increased its stake in QuidelOrtho by 1.0% during the 2nd quarter. Algert Global LLC now owns 46,846 shares of the company's stock valued at $1,556,000 after buying an additional 450 shares during the period. Institutional investors and hedge funds own 99.00% of the company's stock.

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.