QuidelOrtho (NASDAQ:QDEL) Receives New Coverage from Analysts at UBS Group

UBS Group assumed coverage on shares of QuidelOrtho (NASDAQ:QDEL) in a research report released on Thursday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $50.00 price objective on the stock.

QDEL has been the subject of several other research reports. Royal Bank of Canada reiterated an outperform rating and set a $61.00 price objective on shares of QuidelOrtho in a research report on Friday, August 16th. Craig Hallum raised shares of QuidelOrtho from a hold rating to a buy rating and increased their price target for the company from $40.00 to $57.00 in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $58.83.

QuidelOrtho Stock Performance

Shares of QuidelOrtho stock opened at $45.40 on Thursday. The business has a fifty day simple moving average of $41.66 and a two-hundred day simple moving average of $41.23. The firm has a market capitalization of $3.04 billion, a P/E ratio of -1.72 and a beta of 0.08. 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 has a 12 month low of $29.74 and a 12 month high of $75.86.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.15. The business had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $613.51 million. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.26 earnings per share. On average, equities analysts forecast that QuidelOrtho will post 1.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Carlyle Group Inc. sold 49,937 shares of QuidelOrtho stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $33.05, for a total value of $1,650,417.85. Following the completion of the transaction, the insider now owns 11,520,751 shares in the company, valued at approximately $380,760,820.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 1,828,753 shares of company stock valued at $67,021,255. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On QuidelOrtho

A number of hedge funds have recently modified their holdings of QDEL. Vanguard Group Inc. grew its stake in shares of QuidelOrtho by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock valued at $233,906,000 after buying an additional 37,733 shares during the period. Rubric Capital Management LP grew its position in QuidelOrtho by 51.9% in the second quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after acquiring an additional 1,245,590 shares during the period. Maverick Capital Ltd. increased its stake in QuidelOrtho by 27.5% during the second quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock worth $57,434,000 after acquiring an additional 372,662 shares during the last quarter. Dimensional Fund Advisors LP raised its position in QuidelOrtho by 144.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock valued at $66,961,000 after purchasing an additional 536,492 shares during the period. Finally, Private Management Group Inc. lifted its stake in shares of QuidelOrtho by 33.4% in the 2nd quarter. Private Management Group Inc. now owns 610,621 shares of the company’s stock valued at $20,285,000 after purchasing an additional 152,769 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors and hedge funds.

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.