HBK Investments L P Sells 147,070 Shares of QuidelOrtho Corporation $QDEL

Key Points

• HBK Investments L P has reduced its stake in QuidelOrtho Corporation by 23.4%, owning 482,701 shares valued at approximately $16.88 million.
• QuidelOrtho reported a Q2 earnings per share of $0.12, exceeding analyst expectations, but noted a 3.6% decline in revenue year-over-year.
• Wall Street analysts have varied ratings on QuidelOrtho, with an average consensus price target of $42.17 and several recent adjustments to their price objectives.

HBK Investments L P lowered its stake in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 23.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 482,701 shares of the company's stock after selling 147,070 shares during the period. QuidelOrtho accounts for approximately 0.4% of HBK Investments L P's holdings, making the stock its 29th biggest holding. HBK Investments L P owned 0.72% of QuidelOrtho worth $16,880,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Summit Securities Group LLC bought a new position in QuidelOrtho in the 1st quarter worth about $36,000. Quarry LP acquired a new stake in shares of QuidelOrtho during the fourth quarter valued at approximately $43,000. True Wealth Design LLC raised its holdings in shares of QuidelOrtho by 300.7% during the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after acquiring an additional 806 shares during the period. State of Wyoming acquired a new position in QuidelOrtho in the 4th quarter valued at approximately $164,000. Finally, Humankind Investments LLC acquired a new position in shares of QuidelOrtho during the 4th quarter worth $211,000. Institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Up 3.2%

QDEL traded up $0.89 during trading on Friday, reaching $28.68. The company had a trading volume of 971,432 shares, compared to its average volume of 1,114,383. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.12 and a quick ratio of 0.62. QuidelOrtho Corporation has a 12 month low of $22.05 and a 12 month high of $49.45. The business's fifty day moving average price is $27.06 and its 200 day moving average price is $30.31. The company has a market cap of $1.95 billion, a P/E ratio of -4.39 and a beta of 0.14.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.11. The business had revenue of $613.90 million for 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%. The firm's revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. Equities analysts anticipate that QuidelOrtho Corporation will post 2.3 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on QDEL. Citigroup decreased their price objective on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Wall Street Zen downgraded shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, UBS Group dropped their target price on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, QuidelOrtho has a consensus rating of "Hold" and a consensus target price of $39.20.

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.