QuidelOrtho (NASDAQ:QDEL) Shares Down 2.4% - Here's Why

QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report) was down 2.4% on Wednesday . The stock traded as low as $39.24 and last traded at $39.25. Approximately 161,401 shares traded hands during trading, a decline of 84% from the average daily volume of 999,342 shares. The stock had previously closed at $40.20.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Royal Bank of Canada restated an "outperform" rating and issued a $61.00 price objective on shares of QuidelOrtho in a research note on Friday, August 16th. UBS Group assumed coverage on QuidelOrtho in a research note on Thursday, September 19th. They issued a "neutral" rating and a $50.00 price objective for the company. Finally, Craig Hallum upgraded QuidelOrtho from a "hold" rating to a "buy" rating and upped their price objective for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. One equities 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 data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $58.83.

QuidelOrtho Price Performance

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 firm has a market cap of $2.68 billion, a PE ratio of -1.52 and a beta of 0.09. The stock has a 50 day simple moving average of $43.62 and a 200-day simple moving average of $40.74.

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

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 135,241 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.31, for a total transaction of $4,775,359.71. Following the completion of the transaction, the insider now owns 10,427,317 shares of the company's stock, valued at $368,188,563.27. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 1,208,321 shares of company stock valued at $47,059,086 in the last 90 days. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QDEL. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of QuidelOrtho by 6.9% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 35,050 shares of the company's stock valued at $2,583,000 after acquiring an additional 2,256 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of QuidelOrtho by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 4,841,410 shares of the company's stock valued at $356,812,000 after acquiring an additional 44,770 shares during the last quarter. CWM LLC lifted its holdings in shares of QuidelOrtho by 1,536.0% in the 1st quarter. CWM LLC now owns 2,814 shares of the company's stock valued at $135,000 after acquiring an additional 2,642 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of QuidelOrtho by 1,871.8% in the 1st quarter. GAMMA Investing LLC now owns 1,400 shares of the company's stock valued at $67,000 after acquiring an additional 1,329 shares during the last quarter. Finally, Oak Thistle LLC bought a new position in shares of QuidelOrtho in the 1st quarter valued at about $350,000. Institutional investors 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.