QuidelOrtho (NASDAQ:QDEL) Shares Gap Up Following Analyst Upgrade

QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report)'s stock price gapped up before the market opened on Thursday after UBS Group raised their price target on the stock from $43.00 to $45.00. The stock had previously closed at $39.94, but opened at $43.80. UBS Group currently has a neutral rating on the stock. QuidelOrtho shares last traded at $41.52, with a volume of 324,626 shares trading hands.

A number of other analysts have also recently commented on the company. StockNews.com upgraded QuidelOrtho from a "hold" rating to a "buy" rating in a research report on Friday, February 7th. William Blair reiterated a "market perform" rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Jefferies Financial Group started coverage on shares of QuidelOrtho in a research note on Tuesday, December 10th. They issued a "hold" rating and a $43.00 target price for the company. Finally, Citigroup raised shares of QuidelOrtho from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $44.00 to $50.00 in a research note on Wednesday, December 11th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, QuidelOrtho currently has an average rating of "Hold" and a consensus price target of $51.20.

Insider Activity at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian J. Blaser acquired 6,033 shares of the firm's stock in a transaction on Wednesday, December 11th. The shares were acquired at an average price of $41.42 per share, with a total value of $249,886.86. Following the completion of the purchase, the chief executive officer now owns 6,033 shares of the company's stock, valued at $249,886.86. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is owned by insiders.

Institutional Trading of QuidelOrtho

A number of institutional investors have recently added to or reduced their stakes in the business. CWM LLC boosted its position in shares of QuidelOrtho by 540.2% in the third quarter. CWM LLC now owns 10,865 shares of the company's stock worth $495,000 after buying an additional 9,168 shares during the period. Creative Planning purchased a new position in QuidelOrtho in the 3rd quarter worth approximately $476,000. First Citizens Bank & Trust Co. purchased a new position in QuidelOrtho in the 3rd quarter worth approximately $307,000. Allspring Global Investments Holdings LLC boosted its holdings in QuidelOrtho by 970.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,661 shares of the company's stock worth $349,000 after acquiring an additional 6,945 shares during the period. Finally, Everence Capital Management Inc. purchased a new position in shares of QuidelOrtho in the third quarter valued at $388,000. 99.00% of the stock is owned by hedge funds and other institutional investors.

QuidelOrtho Stock Down 2.6 %

The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. The firm's 50 day moving average price is $43.41 and its two-hundred day moving average price is $42.39. The firm has a market capitalization of $2.73 billion, a PE ratio of -1.45 and a beta of 0.08.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted 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 negative net margin of 66.25% and a positive return on equity of 4.24%. As a group, research analysts forecast that QuidelOrtho Co. will post 1.73 EPS for the current fiscal year.

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.