105,378 Shares in QuidelOrtho Co. (NASDAQ:QDEL) Purchased by Dark Forest Capital Management LP

Dark Forest Capital Management LP purchased a new position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 105,378 shares of the company's stock, valued at approximately $3,501,000. QuidelOrtho makes up 0.6% of Dark Forest Capital Management LP's portfolio, making the stock its 21st largest position. Dark Forest Capital Management LP owned about 0.16% of QuidelOrtho as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in QDEL. Vanguard Group Inc. grew its holdings in shares of QuidelOrtho by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company's stock valued at $233,906,000 after purchasing an additional 37,733 shares during the last quarter. Rubric Capital Management LP grew its stake in shares of QuidelOrtho by 51.9% during the second quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company's stock worth $121,106,000 after buying an additional 1,245,590 shares during the last quarter. Private Management Group Inc. increased its holdings in shares of QuidelOrtho by 33.4% during the second quarter. Private Management Group Inc. now owns 610,621 shares of the company's stock worth $20,285,000 after buying an additional 152,769 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. lifted its stake in shares of QuidelOrtho by 9.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 593,157 shares of the company's stock valued at $19,705,000 after acquiring an additional 52,729 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of QuidelOrtho during the 4th quarter valued at $41,968,000. 99.00% of the stock is owned by institutional investors.

QuidelOrtho Trading Up 1.0 %

NASDAQ:QDEL traded up $0.43 on Thursday, reaching $43.79. 189,231 shares of the stock traded hands, compared to its average volume of 1,036,121. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -1.64 and a beta of 0.08. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year 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 company's 50 day moving average is $42.32 and its 200-day moving average is $41.23.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced 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. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The business had revenue of $637.00 million during the quarter, compared to the consensus estimate of $613.51 million. During the same quarter last year, the firm earned $0.26 earnings per share. QuidelOrtho's quarterly revenue was down 4.2% on a year-over-year basis. Equities research analysts anticipate that QuidelOrtho Co. will post 1.77 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on QDEL shares. Craig Hallum raised QuidelOrtho from a "hold" rating to a "buy" rating and upped their target price for the stock from $40.00 to $57.00 in a report on Thursday, September 5th. UBS Group initiated 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, Royal Bank of Canada reiterated an "outperform" rating and set a $61.00 target price on shares of QuidelOrtho in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $58.83.

Insider Activity at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 49,937 shares of QuidelOrtho stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $33.05, for a total value of $1,650,417.85. Following the completion of the sale, the insider now directly owns 11,520,751 shares in the company, valued at $380,760,820.55. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 1,747,271 shares of company stock worth $64,316,868 in the last 90 days. Corporate insiders own 1.00% 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.