Clearline Capital LP Trims Stake in QuidelOrtho Co. (NASDAQ:QDEL)

Clearline Capital LP decreased its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 63.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 115,147 shares of the company's stock after selling 197,853 shares during the period. Clearline Capital LP owned 0.17% of QuidelOrtho worth $5,130,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the company. Quarry LP purchased a new stake in QuidelOrtho in the fourth quarter valued at approximately $43,000. Blue Trust Inc. lifted its position in QuidelOrtho by 188.0% during the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock valued at $58,000 after buying an additional 844 shares during the period. Spire Wealth Management purchased a new stake in shares of QuidelOrtho in the fourth quarter worth $74,000. KBC Group NV raised its holdings in QuidelOrtho by 122.9% in the 4th quarter. KBC Group NV now owns 3,437 shares of the company's stock worth $153,000 after acquiring an additional 1,895 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its stake in QuidelOrtho by 75.3% during the 4th 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. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Down 0.4 %

NASDAQ QDEL traded down $0.16 during trading hours on Friday, hitting $36.30. 3,252,755 shares of the company were exchanged, compared to its average volume of 1,063,128. QuidelOrtho Co. has a 52-week low of $23.77 and a 52-week high of $49.45. The company has a 50 day moving average of $31.41 and a two-hundred day moving average of $38.14. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -1.20 and a beta of 0.13. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 EPS 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 positive return on equity of 3.78% and a negative net margin of 72.84%. The firm's revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 earnings per share. Equities research analysts anticipate that QuidelOrtho Co. will post 2.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

QDEL has been the subject of a number of recent research reports. Royal Bank of Canada cut their price objective on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. JPMorgan Chase & Co. cut their target price on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Monday, April 21st. UBS Group reduced their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a report on Thursday. StockNews.com downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. Finally, Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $44.33.

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.