QuidelOrtho (NASDAQ:QDEL) Shares Gap Up After Strong Earnings

Shares of QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $38.85, but opened at $41.77. QuidelOrtho shares last traded at $43.78, with a volume of 104,739 shares trading hands.

The company reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates of $0.30 by $0.55. The company had revenue of $727.00 million during the quarter, compared to analysts' expectations of $642.16 million. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The business's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 earnings per share.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on QDEL shares. UBS Group assumed coverage on shares of QuidelOrtho in a research report on Thursday, September 19th. They issued a "neutral" rating and a $50.00 price target on the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. Finally, Craig Hallum raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and boosted their target price for the stock from $40.00 to $57.00 in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $58.83.

Institutional Trading of QuidelOrtho

A number of hedge funds have recently bought and sold shares of QDEL. Segall Bryant & Hamill LLC acquired a new stake in shares of QuidelOrtho during the 3rd quarter worth approximately $19,565,000. Phocas Financial Corp. acquired a new stake in QuidelOrtho during the third quarter worth $3,592,000. Quest Partners LLC increased its holdings in QuidelOrtho by 89.6% in the 3rd quarter. Quest Partners LLC now owns 6,522 shares of the company's stock valued at $297,000 after buying an additional 3,083 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of QuidelOrtho by 279.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 45,407 shares of the company's stock valued at $2,071,000 after buying an additional 33,432 shares in the last quarter. Finally, Royce & Associates LP acquired a new position in shares of QuidelOrtho in the 3rd quarter valued at $3,232,000. 99.00% of the stock is owned by institutional investors.

QuidelOrtho Stock Up 12.6 %

The business's fifty day moving average price is $42.24 and its 200 day moving average price is $40.42. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70.

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.