QuidelOrtho Co. (NASDAQ:QDEL) Position Trimmed by Phocas Financial Corp.

Phocas Financial Corp. lowered its position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 85.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,848 shares of the company's stock after selling 66,923 shares during the period. Phocas Financial Corp.'s holdings in QuidelOrtho were worth $528,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in shares of QuidelOrtho during the third quarter worth approximately $34,320,000. Rubric Capital Management LP grew its position in shares of QuidelOrtho by 15.2% during the third quarter. Rubric Capital Management LP now owns 4,200,000 shares of the company's stock worth $191,520,000 after buying an additional 554,410 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of QuidelOrtho during the third quarter worth approximately $19,565,000. Beaconlight Capital LLC acquired a new stake in shares of QuidelOrtho during the third quarter worth approximately $18,152,000. Finally, State Street Corp grew its position in shares of QuidelOrtho by 16.9% during the third quarter. State Street Corp now owns 1,907,898 shares of the company's stock worth $87,000,000 after buying an additional 275,522 shares in the last quarter. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Performance

Shares of QDEL traded up $0.21 during midday trading on Friday, hitting $39.99. 821,692 shares of the stock traded hands, compared to its average volume of 907,290. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $49.45. The firm has a market capitalization of $2.69 billion, a PE ratio of -1.32 and a beta of 0.08. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. The business's 50 day moving average price is $43.18 and its two-hundred day moving average price is $42.36.

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QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.44). QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. Equities research analysts predict that QuidelOrtho Co. will post 2.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. William Blair reissued a "market perform" rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. UBS Group lifted their price objective on shares of QuidelOrtho from $43.00 to $45.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. StockNews.com downgraded shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. Jefferies Financial Group assumed coverage on shares of QuidelOrtho in a report on Tuesday, December 10th. They issued a "hold" rating and a $43.00 price objective for the company. Finally, Citigroup raised shares of QuidelOrtho from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $44.00 to $50.00 in a report on Wednesday, December 11th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, QuidelOrtho presently has an average rating of "Hold" and an average target price of $51.20.

Insiders Place Their Bets

In related news, CEO Brian J. Blaser acquired 6,033 shares of the business's stock in a transaction on Wednesday, December 11th. The shares were purchased at an average price of $41.42 per share, for a total transaction of $249,886.86. Following the acquisition, the chief executive officer now owns 6,033 shares in the company, valued at approximately $249,886.86. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.00% of the company's stock.

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.