Edgestream Partners L.P. Has $1.94 Million Stake in QuidelOrtho Co. (NASDAQ:QDEL)

Edgestream Partners L.P. grew its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 204.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,404 shares of the company's stock after acquiring an additional 39,229 shares during the period. Edgestream Partners L.P. owned 0.09% of QuidelOrtho worth $1,940,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Treasurer of the State of North Carolina lifted its holdings in QuidelOrtho by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 23,691 shares of the company's stock worth $1,746,000 after purchasing an additional 230 shares during the last quarter. Texas Permanent School Fund Corp boosted its position in shares of QuidelOrtho by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company's stock valued at $1,446,000 after acquiring an additional 257 shares during the period. State of Michigan Retirement System grew its stake in shares of QuidelOrtho by 2.5% in the first quarter. State of Michigan Retirement System now owns 12,127 shares of the company's stock valued at $581,000 after acquiring an additional 300 shares in the last quarter. Balanced Rock Investment Advisors LLC increased its position in QuidelOrtho by 5.1% during the second quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company's stock worth $225,000 after acquiring an additional 329 shares during the period. Finally, GAMMA Investing LLC raised its stake in QuidelOrtho by 27.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company's stock worth $59,000 after purchasing an additional 378 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on QDEL shares. UBS Group started coverage on shares of QuidelOrtho in a research report on Thursday. They set a "neutral" rating and a $50.00 target price on the stock. Craig Hallum raised QuidelOrtho from a "hold" rating to a "buy" rating and increased their price target for the stock from $40.00 to $57.00 in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $61.00 price objective on shares of QuidelOrtho in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $58.83.

QuidelOrtho Price Performance

Shares of QDEL stock traded down $0.83 on Friday, reaching $45.40. The company had a trading volume of 2,514,826 shares, compared to its average volume of 1,047,369. The business's 50-day moving average is $41.40 and its 200 day moving average is $41.24. QuidelOrtho Co. has a one year low of $29.74 and a one year high of $75.86. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $3.05 billion, a PE ratio of -1.72 and a beta of 0.08.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.15. The business had revenue of $637.00 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm earned $0.26 EPS. Equities research analysts forecast that QuidelOrtho Co. will post 1.77 EPS for the current fiscal year.

Insider Activity at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 214,732 shares of the company's stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $38.97, for a total value of $8,368,106.04. Following the completion of the transaction, the insider now owns 10,113,040 shares of the company's stock, valued at $394,105,168.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 1,902,466 shares of company stock valued at $69,552,560 in the last 90 days. 1.00% of the stock is owned by corporate insiders.

About QuidelOrtho

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.