QuidelOrtho Co. (NASDAQ:QDEL) Given Average Recommendation of “Hold” by Brokerages

QuidelOrtho Co. (NASDAQ:QDEL) has been given a consensus rating of “Hold” by the seven brokerages that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $57.60.

Separately, Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price objective on shares of QuidelOrtho in a report on Thursday, August 1st.

Insider Transactions at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 127,981 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $36.19, for a total value of $4,631,632.39. Following the completion of the sale, the insider now owns 12,123,705 shares in the company, valued at $438,756,883.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have sold 2,261,559 shares of company stock worth $82,700,460. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On QuidelOrtho

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rubric Capital Management LP raised its holdings in shares of QuidelOrtho by 230.6% during the fourth quarter. Rubric Capital Management LP now owns 980,063 shares of the company’s stock valued at $72,231,000 after acquiring an additional 683,637 shares in the last quarter. Norges Bank purchased a new position in QuidelOrtho during the 4th quarter valued at $41,968,000. Dimensional Fund Advisors LP raised its holdings in QuidelOrtho by 144.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock worth $66,961,000 after purchasing an additional 536,492 shares in the last quarter. Invenomic Capital Management LP purchased a new stake in shares of QuidelOrtho in the 4th quarter worth about $37,144,000. Finally, Thompson Siegel & Walmsley LLC bought a new stake in shares of QuidelOrtho during the 2nd quarter valued at about $8,896,000. 99.00% of the stock is owned by institutional investors.

QuidelOrtho Stock Performance

NASDAQ QDEL traded up $0.22 during trading hours on Friday, reaching $41.62. 931,348 shares of the company were exchanged, compared to its average volume of 1,828,713. The stock has a market capitalization of $2.79 billion, a P/E ratio of -1.58 and a beta of 0.07. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. QuidelOrtho has a 1 year low of $29.74 and a 1 year high of $84.60. The business’s 50 day simple moving average is $36.61 and its 200-day simple moving average is $44.38.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The firm had revenue of $637.00 million for the quarter, compared to analyst estimates of $613.51 million. During the same quarter in the prior year, the firm earned $0.26 EPS. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, equities research analysts expect that QuidelOrtho will post 1.78 earnings per share for the current 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.