Pinnacle Associates Ltd. Makes New Investment in QuidelOrtho Co. (NASDAQ:QDEL)

Pinnacle Associates Ltd. purchased a new stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 85,375 shares of the company's stock, valued at approximately $3,893,000. Pinnacle Associates Ltd. owned approximately 0.13% of QuidelOrtho as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the business. Susquehanna Fundamental Investments LLC bought a new position in QuidelOrtho in the first quarter worth about $1,178,000. Seven Eight Capital LP bought a new position in shares of QuidelOrtho during the 1st quarter worth approximately $2,388,000. Edgestream Partners L.P. purchased a new stake in QuidelOrtho during the first quarter valued at approximately $919,000. Hsbc Holdings PLC boosted its stake in QuidelOrtho by 316.2% in the second quarter. Hsbc Holdings PLC now owns 28,916 shares of the company's stock valued at $962,000 after acquiring an additional 21,968 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in QuidelOrtho in the second quarter worth $4,669,000. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Trading Up 2.8 %

QuidelOrtho stock traded up $1.05 during trading hours on Friday, hitting $39.10. 418,992 shares of the stock traded hands, compared to its average volume of 972,445. QuidelOrtho Co. has a 1 year low of $29.74 and a 1 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 firm's 50 day moving average price is $42.74 and its 200-day moving average price is $40.43.

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 for the quarter, compared to the consensus estimate of $613.51 million. During the same quarter in the prior year, the company earned $0.26 EPS. QuidelOrtho's quarterly revenue was down 4.2% on a year-over-year basis. On average, analysts anticipate that QuidelOrtho Co. will post 1.72 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on the company. Royal Bank of Canada reissued an "outperform" rating and issued a $61.00 price objective on shares of QuidelOrtho in a research report 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 target for the company. Finally, Craig Hallum upgraded QuidelOrtho from a "hold" rating to a "buy" rating and boosted their price target for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, QuidelOrtho has an average rating of "Hold" and an average price target of $58.83.

Insider Activity

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 118,172 shares of QuidelOrtho stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $40.37, for a total transaction of $4,770,603.64. Following the completion of the transaction, the insider now owns 8,606,174 shares in the company, valued at approximately $347,431,244.38. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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.