QuidelOrtho (NASDAQ:QDEL) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of QuidelOrtho (NASDAQ:QDEL - Free Report) from a hold rating to a buy rating in a research report sent to investors on Friday.

QDEL has been the topic of several other reports. William Blair reaffirmed a "market perform" rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Jefferies Financial Group initiated coverage on QuidelOrtho in a report on Tuesday, December 10th. They set a "hold" rating and a $43.00 target price on the stock. Finally, Citigroup raised 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 report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $53.43.

QuidelOrtho Price Performance

Shares of QDEL traded down $1.91 during midday trading on Friday, hitting $40.99. The company's stock had a trading volume of 653,554 shares, compared to its average volume of 855,709. QuidelOrtho has a one year low of $29.74 and a one year high of $69.83. The company's fifty day simple moving average is $43.21 and its two-hundred day simple moving average is $42.31. 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 stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of -1.47 and a beta of 0.08.

Insider Activity at QuidelOrtho

In other QuidelOrtho news, CEO Brian J. Blaser bought 6,033 shares of QuidelOrtho stock in a transaction dated Wednesday, December 11th. The stock was bought at an average cost of $41.42 per share, with a total value of $249,886.86. Following the completion of the acquisition, the chief executive officer now directly owns 6,033 shares in the company, valued at approximately $249,886.86. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the firm's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $35.31, for a total transaction of $291,667,061.73. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On QuidelOrtho

Several large investors have recently made changes to their positions in QDEL. Capital Performance Advisors LLP bought a new stake in QuidelOrtho in the 3rd quarter worth approximately $25,000. Blue Trust Inc. grew its position in QuidelOrtho by 188.0% in the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock worth $58,000 after purchasing an additional 844 shares during the period. Spire Wealth Management bought a new stake in QuidelOrtho in the 4th quarter worth approximately $74,000. GAMMA Investing LLC grew its position in shares of QuidelOrtho by 73.6% during the 3rd quarter. GAMMA Investing LLC now owns 3,086 shares of the company's stock valued at $141,000 after acquiring an additional 1,308 shares during the period. Finally, KBC Group NV grew its position in shares of QuidelOrtho by 122.9% during the 4th quarter. KBC Group NV now owns 3,437 shares of the company's stock valued at $153,000 after acquiring an additional 1,895 shares during the period. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

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.