State of Alaska Department of Revenue Purchases 27,652 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

State of Alaska Department of Revenue raised its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 517.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,996 shares of the company's stock after purchasing an additional 27,652 shares during the quarter. State of Alaska Department of Revenue's holdings in QuidelOrtho were worth $1,504,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QDEL. Fifth Third Bancorp lifted its stake in shares of QuidelOrtho by 907.3% during the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company's stock valued at $27,000 after buying an additional 744 shares in the last quarter. GAMMA Investing LLC grew its position in shares of QuidelOrtho by 27.0% in the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company's stock valued at $59,000 after purchasing an additional 378 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of QuidelOrtho during the 1st quarter valued at $86,000. EMC Capital Management purchased a new stake in QuidelOrtho during the 1st quarter worth about $117,000. Finally, Innealta Capital LLC bought a new position in QuidelOrtho in the 2nd quarter worth about $102,000. Institutional investors own 99.00% of the company's stock.

QuidelOrtho Price Performance

Shares of QuidelOrtho stock traded up $1.05 on Friday, hitting $39.10. 418,992 shares of the company traded hands, compared to its average volume of 526,722. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86. The firm's 50-day simple moving average is $42.62 and its 200 day simple moving average is $40.43. The company has a market cap of $2.63 billion, a P/E ratio of -1.41 and a beta of 0.12. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70.

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 the consensus estimate of ($0.22) by $0.15. The firm had revenue of $637.00 million during the quarter, compared to analyst estimates of $613.51 million. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The company's revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. Analysts expect that QuidelOrtho Co. will post 1.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on QDEL shares. Craig Hallum upgraded QuidelOrtho from a "hold" rating to a "buy" rating and upped their price target for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. Finally, UBS Group started coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They issued a "neutral" rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, QuidelOrtho has a consensus rating of "Hold" and an average target price of $58.83.

Insiders Place Their Bets

In other news, major shareholder Carlyle Group Inc. sold 118,172 shares of the business's stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $40.37, for a total value of $4,770,603.64. Following the completion of the sale, the insider now directly owns 8,606,174 shares in the company, valued at approximately $347,431,244.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by 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.