Gagnon Securities LLC Has $2.10 Million Stock Holdings in QuidelOrtho Corporation $QDEL

Key Points

• Gagnon Securities LLC reduced its stake in QuidelOrtho Corporation (NASDAQ: QDEL) by 20% in the second quarter, ending up with $2.10 million worth of shares.
• Analysts have shown mixed sentiment towards QuidelOrtho, with multiple firms downgrading their ratings and price targets, leading to a consensus rating of "Hold" and a target price of $37.80.
• QuidelOrtho reported earnings of $0.12 per share for the last quarter, exceeding expectations and marking a decrease in revenue of 3.6% compared to the same quarter last year.

Gagnon Securities LLC cut its holdings in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 20.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 72,877 shares of the company's stock after selling 18,257 shares during the period. Gagnon Securities LLC owned about 0.11% of QuidelOrtho worth $2,100,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in QDEL. GAMMA Investing LLC raised its holdings in QuidelOrtho by 3,377.0% during the 1st quarter. GAMMA Investing LLC now owns 85,047 shares of the company's stock worth $2,974,000 after purchasing an additional 82,601 shares during the last quarter. Rhumbline Advisers raised its holdings in QuidelOrtho by 0.6% during the 1st quarter. Rhumbline Advisers now owns 129,025 shares of the company's stock worth $4,512,000 after purchasing an additional 770 shares during the last quarter. Pallas Capital Advisors LLC raised its holdings in QuidelOrtho by 279.0% during the 1st quarter. Pallas Capital Advisors LLC now owns 36,823 shares of the company's stock worth $1,288,000 after purchasing an additional 27,106 shares during the last quarter. Yousif Capital Management LLC raised its holdings in QuidelOrtho by 2.9% during the 1st quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock worth $907,000 after purchasing an additional 734 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in QuidelOrtho during the 1st quarter worth approximately $10,915,000. 99.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

QDEL has been the subject of several analyst reports. Wall Street Zen lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Citigroup restated a "neutral" rating and set a $33.00 price target (down previously from $40.00) on shares of QuidelOrtho in a report on Tuesday. Weiss Ratings restated a "sell (e+)" rating on shares of QuidelOrtho in a report on Saturday, September 27th. Finally, UBS Group lowered their price target on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $37.80.

QuidelOrtho Stock Performance

NASDAQ:QDEL opened at $27.70 on Wednesday. The company has a fifty day moving average of $27.32 and a 200-day moving average of $28.77. The firm has a market capitalization of $1.88 billion, a P/E ratio of -4.24 and a beta of 0.27. The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74. QuidelOrtho Corporation has a twelve month low of $22.05 and a twelve month high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.11. The company had revenue of $613.90 million during the quarter, compared to analyst estimates of $612.36 million. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. QuidelOrtho's revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.07) EPS. As a group, sell-side analysts anticipate that QuidelOrtho Corporation will post 2.3 EPS for the current year.

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.

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