Wealthfront Advisers LLC Makes New Investment in QuidelOrtho Co. (NASDAQ:QDEL)

Wealthfront Advisers LLC purchased a new position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,223 shares of the company's stock, valued at approximately $545,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in QDEL. Principal Financial Group Inc. lifted its position in QuidelOrtho by 64.5% during the 3rd quarter. Principal Financial Group Inc. now owns 272,037 shares of the company's stock worth $12,405,000 after acquiring an additional 106,642 shares during the period. State of New Jersey Common Pension Fund D lifted its position in QuidelOrtho by 8.2% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 44,455 shares of the company's stock worth $2,027,000 after acquiring an additional 3,351 shares during the period. Victory Capital Management Inc. lifted its position in QuidelOrtho by 7.7% during the 3rd quarter. Victory Capital Management Inc. now owns 23,404 shares of the company's stock worth $1,067,000 after acquiring an additional 1,667 shares during the period. CIBC Asset Management Inc acquired a new stake in QuidelOrtho during the 3rd quarter worth about $262,000. Finally, Royce & Associates LP acquired a new position in shares of QuidelOrtho in the 3rd quarter valued at about $3,232,000. Institutional investors and hedge funds own 99.00% of the company's stock.

QuidelOrtho Price Performance

Shares of QuidelOrtho stock traded up $0.38 on Thursday, hitting $35.16. The company's stock had a trading volume of 1,184,506 shares, compared to its average volume of 930,245. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. QuidelOrtho Co. has a 1 year low of $29.74 and a 1 year high of $49.45. The firm has a fifty day moving average price of $41.20 and a 200-day moving average price of $41.78. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -1.16 and a beta of 0.10.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on QDEL. 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 report on Thursday, February 13th. StockNews.com cut QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. Citigroup raised QuidelOrtho from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $50.00 in a report on Wednesday, December 11th. William Blair reissued a "market perform" rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Finally, UBS Group boosted their price objective on QuidelOrtho from $43.00 to $45.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $51.20.

QuidelOrtho 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.