QuidelOrtho (NASDAQ:QDEL) Hits New 12-Month Low - Here's Why

QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report) shares hit a new 52-week low on Wednesday . The stock traded as low as $24.89 and last traded at $25.30, with a volume of 389691 shares. The stock had previously closed at $26.56.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on QDEL shares. UBS Group boosted their price target on QuidelOrtho from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Royal Bank of Canada decreased their target price on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Finally, StockNews.com lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $51.20.

QuidelOrtho Stock Performance

The company has a 50 day moving average of $35.09 and a 200 day moving average of $39.49. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -0.83 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.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.63 earnings per share (EPS) 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%. As a group, equities research analysts expect that QuidelOrtho Co. will post 2.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC increased its holdings in shares of QuidelOrtho by 7.7% during the fourth quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock worth $336,000 after buying an additional 538 shares in the last quarter. Corient Private Wealth LLC grew its position in QuidelOrtho by 10.6% during the 4th quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock worth $306,000 after acquiring an additional 661 shares during the last quarter. Yousif Capital Management LLC increased its holdings in QuidelOrtho by 2.9% during 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. Rhumbline Advisers raised its position in QuidelOrtho by 0.6% in the 1st quarter. Rhumbline Advisers now owns 129,025 shares of the company's stock valued at $4,512,000 after purchasing an additional 770 shares during the last quarter. Finally, True Wealth Design LLC boosted its stake in QuidelOrtho by 300.7% in the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after purchasing an additional 806 shares in the last quarter. Institutional investors and hedge funds own 99.00% 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.