Amalgamated Bank Sells 13,939 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Amalgamated Bank lowered its position in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 43.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,897 shares of the company's stock after selling 13,939 shares during the quarter. Amalgamated Bank's holdings in QuidelOrtho were worth $816,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rubric Capital Management LP raised its holdings in QuidelOrtho by 51.9% in the second quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company's stock valued at $121,106,000 after acquiring an additional 1,245,590 shares in the last quarter. Maverick Capital Ltd. raised its stake in shares of QuidelOrtho by 27.5% in the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company's stock valued at $57,434,000 after purchasing an additional 372,662 shares in the last quarter. Thompson Siegel & Walmsley LLC bought a new position in shares of QuidelOrtho during the second quarter worth about $8,896,000. Assenagon Asset Management S.A. acquired a new position in QuidelOrtho in the third quarter worth about $7,411,000. Finally, Bank of Montreal Can increased its holdings in QuidelOrtho by 2,799.8% in the second quarter. Bank of Montreal Can now owns 160,154 shares of the company's stock valued at $5,322,000 after buying an additional 154,631 shares during the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

QuidelOrtho Stock Performance

Shares of NASDAQ:QDEL traded down $2.78 during trading on Friday, reaching $36.18. The stock had a trading volume of 1,150,023 shares, compared to its average volume of 970,605. The stock has a fifty day simple moving average of $42.17 and a two-hundred day simple moving average of $40.47. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. QuidelOrtho Co. has a 52 week low of $29.74 and a 52 week high of $75.86. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -1.30 and a beta of 0.12.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.55. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The company had revenue of $727.00 million during the quarter, compared to analysts' expectations of $642.16 million. During the same period in the prior year, the business earned $0.90 earnings per share. QuidelOrtho's revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, analysts anticipate that QuidelOrtho Co. will post 1.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

QuidelOrtho 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.