Paradigm Capital Management Inc. NY Takes $3.12 Million Position in QuidelOrtho Co. (NASDAQ:QDEL)

Paradigm Capital Management Inc. NY acquired a new stake in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 70,000 shares of the company's stock, valued at approximately $3,118,000. Paradigm Capital Management Inc. NY owned approximately 0.10% of QuidelOrtho at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Voya Investment Management LLC grew its position in shares of QuidelOrtho by 7.7% during the 4th quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock valued at $336,000 after purchasing an additional 538 shares in the last quarter. Corient Private Wealth LLC grew its position in QuidelOrtho by 10.6% during the fourth quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock worth $306,000 after buying an additional 661 shares in the last quarter. True Wealth Design LLC increased 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 acquiring an additional 806 shares during the last quarter. CIBC Asset Management Inc increased its stake in QuidelOrtho by 14.2% in the 4th quarter. CIBC Asset Management Inc now owns 6,564 shares of the company's stock worth $292,000 after acquiring an additional 816 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of QuidelOrtho by 188.0% in the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock valued at $58,000 after acquiring an additional 844 shares in the last quarter. Institutional investors own 99.00% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on QDEL. UBS Group reduced their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Royal Bank of Canada decreased their price objective on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, QuidelOrtho has an average rating of "Hold" and a consensus target price of $44.33.

QuidelOrtho Trading Down 1.5%

QDEL stock traded down $0.44 during trading on Friday, hitting $29.74. The company had a trading volume of 1,380,448 shares, compared to its average volume of 1,074,771. The company has a 50 day simple moving average of $30.44 and a 200-day simple moving average of $37.71. The firm has a market capitalization of $2.01 billion, a P/E ratio of -0.98 and a beta of 0.13. QuidelOrtho Co. has a 52-week low of $23.77 and a 52-week high of $49.45. 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 posted its earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share 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 during the quarter, compared to analyst estimates of $694.97 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. QuidelOrtho's revenue was down 2.6% on a year-over-year basis. As a group, research analysts forecast that QuidelOrtho Co. will post 2.3 earnings per share for the current fiscal 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.