QuidelOrtho Co. (NASDAQ:QDEL) Receives $58.83 Average Price Target from Brokerages

Shares of QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report) have earned a consensus recommendation of "Hold" from the seven ratings firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $58.83.

Several equities research analysts recently issued reports on the stock. Craig Hallum raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and lifted their price target for the stock from $40.00 to $57.00 in a research note 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 target on the stock. William Blair restated a "market perform" rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th.

QuidelOrtho Trading Up 1.6 %

NASDAQ:QDEL traded up $0.60 on Friday, hitting $38.20. 604,065 shares of the stock were exchanged, compared to its average volume of 990,920. The stock has a fifty day moving average of $40.35 and a 200-day moving average of $40.12. The stock has a market cap of $2.57 billion, a PE ratio of -1.37 and a beta of 0.11. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. QuidelOrtho has a fifty-two week low of $29.74 and a fifty-two week high of $75.86.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.55. The company had revenue of $727.00 million during the quarter, compared to analyst estimates of $642.16 million. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The business's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 earnings per share. As a group, equities analysts expect that QuidelOrtho will post 1.73 earnings per share for the current fiscal year.

Insider Activity at QuidelOrtho

In related news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On QuidelOrtho

Several institutional investors have recently made changes to their positions in the stock. Rubric Capital Management LP boosted its position in QuidelOrtho by 51.9% during the 2nd quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company's stock valued at $121,106,000 after purchasing an additional 1,245,590 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of QuidelOrtho in the 3rd quarter worth about $34,320,000. Segall Bryant & Hamill LLC bought a new stake in QuidelOrtho in the 3rd quarter valued at about $19,565,000. Beaconlight Capital LLC acquired a new stake in shares of QuidelOrtho in the third quarter valued at approximately $18,152,000. Finally, Maverick Capital Ltd. raised its holdings in shares of QuidelOrtho by 27.5% during the second quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company's stock valued at $57,434,000 after buying an additional 372,662 shares during the last quarter. 99.00% of the stock is owned by institutional investors.

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.