QuidelOrtho (NASDAQ:QDEL – Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of -2.400 for the period, compared to the consensus earnings per share estimate of 1.960. The company issued revenue guidance of -$2.8 billion, compared to the consensus revenue estimate of $2.7 billion.
Analyst Ratings Changes
Separately, Royal Bank of Canada reaffirmed an outperform rating and issued a $61.00 price objective on shares of QuidelOrtho in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, QuidelOrtho currently has an average rating of Hold and an average target price of $57.60.
Read Our Latest Report on QDEL
QuidelOrtho Stock Performance
QuidelOrtho (NASDAQ:QDEL – Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.15. The business had revenue of $637.00 million during the quarter, compared to analyst estimates of $613.51 million. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. QuidelOrtho’s revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.26 earnings per share. On average, analysts forecast that QuidelOrtho will post 1.85 earnings per share for the current fiscal year.
Insider Buying and Selling at QuidelOrtho
In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 64,263 shares of QuidelOrtho stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $40.23, for a total transaction of $2,585,300.49. Following the completion of the transaction, the insider now owns 12,395,920 shares of the company’s stock, valued at approximately $498,687,861.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 1,895,740 shares of company stock valued at $67,672,787 in the last 90 days. 1.00% of the stock is currently owned by company insiders.
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.
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