Bank of America Corp DE Sells 251,775 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Bank of America Corp DE reduced its holdings in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 88.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,994 shares of the company's stock after selling 251,775 shares during the period. Bank of America Corp DE's holdings in QuidelOrtho were worth $1,425,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in QDEL. Voya Investment Management LLC grew its position in shares of QuidelOrtho by 7.7% in the 4th quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock valued at $336,000 after acquiring an additional 538 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of QuidelOrtho by 10.6% during the 4th quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock worth $306,000 after buying an additional 661 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of QuidelOrtho by 14.2% during the 4th quarter. CIBC Asset Management Inc now owns 6,564 shares of the company's stock worth $292,000 after buying an additional 816 shares during the period. Blue Trust Inc. boosted its holdings in shares of QuidelOrtho by 188.0% during the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock worth $58,000 after buying an additional 844 shares during the period. Finally, Quarry LP bought a new stake in shares of QuidelOrtho during the 4th quarter worth about $43,000. 99.00% of the stock is currently owned by institutional investors and hedge funds.

QuidelOrtho Price Performance

Shares of QDEL stock traded up $0.68 during trading hours on Monday, reaching $30.21. The stock had a trading volume of 1,027,768 shares, compared to its average volume of 1,093,879. The stock's fifty day simple moving average is $29.39 and its 200 day simple moving average is $37.01. 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 Co. has a 12 month low of $23.77 and a 12 month high of $49.45. The firm has a market capitalization of $2.04 billion, a PE ratio of -1.00 and a beta of 0.10.

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

Analysts Set New Price Targets

Several analysts recently commented on the stock. UBS Group reduced their target price on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Jefferies Financial Group raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price for the company in a report on Thursday, May 8th. Royal Bank of Canada cut their price objective 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. Wall Street Zen raised shares of QuidelOrtho from a "hold" rating to a "buy" rating in a report on Friday. Finally, JPMorgan Chase & Co. decreased their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, QuidelOrtho presently has an average rating of "Moderate Buy" and an average 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.