QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $40.83, but opened at $39.91. QuidelOrtho shares last traded at $39.59, with a volume of 157,997 shares.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on QDEL. 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 price target for the company. Royal Bank of Canada reiterated an "outperform" rating and issued a $61.00 price target on shares of QuidelOrtho in a report on Friday, August 16th. Finally, Craig Hallum raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $40.00 to $57.00 in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $58.83.
Read Our Latest Report on QuidelOrtho
QuidelOrtho Price Performance
The company has a debt-to-equity ratio of 0.70, a current ratio of 1.44 and a quick ratio of 0.79. The company's 50-day simple moving average is $43.55 and its 200-day simple moving average is $40.65. The stock has a market capitalization of $2.67 billion, a P/E ratio of -1.51 and a beta of 0.09.
QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.15. The firm had revenue of $637.00 million for the quarter, compared to analyst estimates of $613.51 million. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The company's quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 earnings per share. As a group, sell-side analysts expect that QuidelOrtho Co. will post 1.77 EPS for the current fiscal year.
Insider Activity
In other news, major shareholder Carlyle Group Inc. sold 103,926 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $39.05, for a total value of $4,058,310.30. Following the transaction, the insider now directly owns 9,602,305 shares of the company's stock, valued at $374,970,010.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 1,007,444 shares of company stock valued at $40,044,226 over the last ninety days. 1.00% of the stock is currently owned by company insiders.
Institutional Trading of QuidelOrtho
Hedge funds and other institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp grew its position in QuidelOrtho by 907.3% during the second quarter. Fifth Third Bancorp now owns 826 shares of the company's stock worth $27,000 after buying an additional 744 shares in the last quarter. GAMMA Investing LLC grew its position in QuidelOrtho by 27.0% during the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company's stock worth $59,000 after buying an additional 378 shares in the last quarter. Headlands Technologies LLC acquired a new stake in QuidelOrtho during the first quarter worth approximately $86,000. Innealta Capital LLC acquired a new stake in QuidelOrtho during the second quarter worth approximately $102,000. Finally, Quest Partners LLC grew its position in 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. Institutional investors and hedge funds own 99.00% of the company's stock.
QuidelOrtho Company Profile
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Get Free Report)
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.
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