QuidelOrtho (NASDAQ:QDEL) Reaches New 1-Year Low After Analyst Downgrade

QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $38.00 to $25.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. QuidelOrtho traded as low as $23.77 and last traded at $24.56, with a volume of 1460115 shares trading hands. The stock had previously closed at $25.17.

Several other research analysts also recently commented on the company. StockNews.com downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. UBS Group boosted their price objective on shares of QuidelOrtho from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada decreased their price objective on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $46.83.

Institutional Investors Weigh In On QuidelOrtho

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QDEL. New York State Teachers Retirement System grew its position in QuidelOrtho by 1.6% during the first quarter. New York State Teachers Retirement System now owns 56,900 shares of the company's stock valued at $1,990,000 after buying an additional 900 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of QuidelOrtho by 108.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 71,012 shares of the company's stock valued at $2,483,000 after acquiring an additional 36,867 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of QuidelOrtho during the first quarter worth approximately $10,915,000. Yousif Capital Management LLC lifted its holdings in QuidelOrtho by 2.9% in the 1st quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock valued at $907,000 after purchasing an additional 734 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its holdings in shares of QuidelOrtho by 279.0% during the first quarter. Pallas Capital Advisors LLC now owns 36,823 shares of the company's stock worth $1,288,000 after buying an additional 27,106 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

QuidelOrtho Stock Up 1.5 %

The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -0.93 and a beta of 0.43. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71. The business's 50-day moving average is $33.89 and its two-hundred day moving average is $39.02.

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

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.