Monaco Asset Management SAM Takes Position in QuidelOrtho Co. (NASDAQ:QDEL)

Monaco Asset Management SAM acquired a new position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 31,253 shares of the company's stock, valued at approximately $1,038,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fifth Third Bancorp raised its holdings in QuidelOrtho by 907.3% in the second quarter. Fifth Third Bancorp now owns 826 shares of the company's stock worth $27,000 after purchasing an additional 744 shares during the period. GAMMA Investing LLC raised its stake in QuidelOrtho by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company's stock worth $59,000 after buying an additional 378 shares during the period. Headlands Technologies LLC acquired a new stake in QuidelOrtho during the 1st quarter worth $86,000. Innealta Capital LLC bought a new position in QuidelOrtho during the second quarter worth about $102,000. Finally, Quest Partners LLC grew its stake in QuidelOrtho by 17,095.0% in the second quarter. Quest Partners LLC now owns 3,439 shares of the company's stock valued at $114,000 after acquiring an additional 3,419 shares during the period. Institutional investors own 99.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on QDEL. Royal Bank of Canada reaffirmed an "outperform" rating and set a $61.00 price target on shares of QuidelOrtho in a research report on Friday, August 16th. Craig Hallum upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and raised their target price for the stock from $40.00 to $57.00 in a report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $57.50.

Insiders Place Their Bets

In related news, major shareholder Carlyle Group Inc. sold 127,981 shares of the company's stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $36.19, for a total transaction of $4,631,632.39. Following the sale, the insider now owns 12,123,705 shares in the company, valued at $438,756,883.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 2,261,559 shares of company stock valued at $82,700,460 in the last three months. 1.00% of the stock is currently owned by corporate insiders.

QuidelOrtho Stock Down 1.3 %

Shares of NASDAQ:QDEL traded down $0.56 during mid-day trading on Tuesday, reaching $44.12. 747,558 shares of the stock were exchanged, compared to its average volume of 1,050,157. The company has a market cap of $2.97 billion, a P/E ratio of -1.68 and a beta of 0.08. The stock's 50 day simple moving average is $39.05 and its 200-day simple moving average is $41.20. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. QuidelOrtho Co. has a one year low of $29.74 and a one year high of $77.44.

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