70,000 Shares in QuidelOrtho Co. (NASDAQ:QDEL) Purchased by Paradigm Capital Management Inc. NY

Paradigm Capital Management Inc. NY acquired a new position in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 70,000 shares of the company's stock, valued at approximately $3,118,000. Paradigm Capital Management Inc. NY owned 0.10% of QuidelOrtho as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in QDEL. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of QuidelOrtho by 31.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 206,430 shares of the company's stock worth $9,196,000 after acquiring an additional 48,846 shares during the last quarter. Squarepoint Ops LLC boosted its stake in QuidelOrtho by 624.3% in the 4th quarter. Squarepoint Ops LLC now owns 91,143 shares of the company's stock worth $4,060,000 after purchasing an additional 78,560 shares in the last quarter. True Wealth Design LLC boosted its stake in QuidelOrtho by 300.7% in the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after purchasing an additional 806 shares in the last quarter. Stanley Capital Management LLC purchased a new stake in QuidelOrtho during the 4th quarter valued at about $8,687,000. Finally, State of Wyoming bought a new stake in QuidelOrtho during the 4th quarter valued at about $164,000. Institutional investors own 99.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. 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, May 8th. Royal Bank of Canada lowered their price objective on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a research 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. JPMorgan Chase & Co. cut their target price on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Monday, April 21st. Finally, UBS Group dropped their price target on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $44.33.

QuidelOrtho Stock Down 2.7%

QDEL opened at $32.57 on Tuesday. The firm's 50 day simple moving average is $30.85 and its two-hundred day simple moving average is $37.96. The company has a market capitalization of $2.20 billion, a PE ratio of -1.08 and a beta of 0.13. QuidelOrtho Co. has a 1-year low of $23.77 and a 1-year high of $49.45. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.13. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. The company had revenue of $692.80 million for the quarter, compared to analysts' expectations of $694.97 million. During the same period last year, the firm earned $0.44 EPS. QuidelOrtho's revenue for the quarter was down 2.6% compared to the same quarter last year. As a group, equities analysts forecast that QuidelOrtho Co. will post 2.3 EPS for the current year.

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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