Bayesian Capital Management LP Acquires New Shares in QuidelOrtho Co. (NASDAQ:QDEL)

Bayesian Capital Management LP acquired a new stake in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 17,400 shares of the company's stock, valued at approximately $775,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Sterling Capital Management LLC grew its position in QuidelOrtho by 75.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock valued at $166,000 after acquiring an additional 1,601 shares during the period. Merit Financial Group LLC acquired a new position in shares of QuidelOrtho during the fourth quarter valued at $301,000. Principal Financial Group Inc. increased its position in QuidelOrtho by 64.5% in the 3rd quarter. Principal Financial Group Inc. now owns 272,037 shares of the company's stock valued at $12,405,000 after acquiring an additional 106,642 shares during the period. State of New Jersey Common Pension Fund D grew its position in QuidelOrtho by 22.4% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 54,411 shares of the company's stock valued at $2,424,000 after buying an additional 9,956 shares in the last quarter. Finally, Moody National Bank Trust Division increased its position in shares of QuidelOrtho by 126.5% during the 4th quarter. Moody National Bank Trust Division now owns 37,868 shares of the company's stock valued at $1,687,000 after purchasing an additional 21,147 shares during the period. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Down 0.4 %

Shares of QuidelOrtho stock traded down $0.16 on Friday, hitting $36.30. The company had a trading volume of 3,252,755 shares, compared to its average volume of 1,063,128. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69. The firm has a market capitalization of $2.45 billion, a P/E ratio of -1.20 and a beta of 0.13. The stock has a 50-day moving average of $31.41 and a 200-day moving average of $38.14. QuidelOrtho Co. has a twelve month low of $23.77 and a twelve month high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.13. The company had revenue of $692.80 million for the quarter, compared to analyst estimates of $694.97 million. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. QuidelOrtho's revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. Research analysts predict that QuidelOrtho Co. will post 2.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. UBS Group decreased their price target on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday. Royal Bank of Canada decreased their price target on shares of 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 shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, February 15th. Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. reduced their price target on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $44.33.

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.