QuidelOrtho Co. (NASDAQ:QDEL) Shares Bought by Rubric Capital Management LP

Rubric Capital Management LP raised its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 15.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,200,000 shares of the company's stock after buying an additional 554,410 shares during the quarter. QuidelOrtho comprises approximately 3.1% of Rubric Capital Management LP's investment portfolio, making the stock its 7th biggest holding. Rubric Capital Management LP owned 6.24% of QuidelOrtho worth $191,520,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new stake in QuidelOrtho in the 3rd quarter valued at approximately $25,000. Fifth Third Bancorp boosted its holdings in QuidelOrtho by 907.3% during the second quarter. Fifth Third Bancorp now owns 826 shares of the company's stock worth $27,000 after purchasing an additional 744 shares during the last quarter. GAMMA Investing LLC grew its position in 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. EMC Capital Management acquired a new stake in QuidelOrtho in the 1st quarter valued at $117,000. Finally, Innealta Capital LLC bought a new stake in QuidelOrtho during the 2nd quarter worth about $102,000. Institutional investors own 99.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on QDEL. UBS Group began coverage on QuidelOrtho in a report on Thursday, September 19th. They issued a "neutral" rating and a $50.00 price objective for the company. William Blair reaffirmed a "market perform" rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Craig Hallum raised QuidelOrtho from a "hold" rating to a "buy" rating and increased their price objective for the company from $40.00 to $57.00 in a report on Thursday, September 5th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. One investment 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. According to data from MarketBeat, QuidelOrtho currently has an average rating of "Hold" and a consensus target price of $58.83.

QuidelOrtho Stock Performance

Shares of QDEL traded up $0.17 during mid-day trading on Wednesday, reaching $41.15. The company's stock had a trading volume of 622,045 shares, compared to its average volume of 997,517. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.38. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $75.86. The business has a 50-day simple moving average of $41.18 and a two-hundred day simple moving average of $40.26.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) 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 business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $642.16 million. During the same quarter last year, the firm posted $0.90 EPS. The company's quarterly revenue was down 2.3% on a year-over-year basis. As a group, sell-side analysts expect that QuidelOrtho Co. will post 1.73 earnings per share for the current fiscal year.

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the company's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $35.31, for a total value of $291,667,061.73. The sale was disclosed in a document filed with the SEC, which can be accessed 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.