QuidelOrtho Corporation $QDEL Shares Purchased by Ieq Capital LLC

Key Points

• Ieq Capital LLC increased its stake in QuidelOrtho Corporation by 183.5%, now holding approximately 236,244 shares valued at around $8.26 million as of their latest SEC filing.
• Other institutional investors are also boosting their stakes in QuidelOrtho, with AQR Capital Management growing its holdings by 204.5% and American Century Companies increasing theirs by 42.4% in the first quarter.
• QuidelOrtho reported $0.12 EPS this quarter, exceeding estimates and showing revenue of $613.90 million, though it was a 3.6% decrease year-over-year.

Ieq Capital LLC increased its holdings in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 183.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 236,244 shares of the company's stock after buying an additional 152,927 shares during the quarter. Ieq Capital LLC owned about 0.35% of QuidelOrtho worth $8,261,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in QDEL. Raymond James Financial Inc. purchased a new position in QuidelOrtho during the fourth quarter worth about $2,169,000. Dimensional Fund Advisors LP lifted its position in QuidelOrtho by 9.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,217,126 shares of the company's stock worth $54,221,000 after buying an additional 107,775 shares during the period. State of Tennessee Department of Treasury increased its stake in QuidelOrtho by 19.7% during the fourth quarter. State of Tennessee Department of Treasury now owns 16,939 shares of the company's stock worth $755,000 after acquiring an additional 2,793 shares during the last quarter. Voya Investment Management LLC increased its stake in QuidelOrtho by 7.7% during the fourth quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock worth $336,000 after acquiring an additional 538 shares during the last quarter. Finally, Quarry LP acquired a new stake in QuidelOrtho during the fourth quarter worth about $43,000. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

QuidelOrtho Stock Down 1.8%

Shares of QDEL stock traded down $0.50 during trading hours on Wednesday, reaching $27.75. The company had a trading volume of 195,997 shares, compared to its average volume of 1,312,729. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. QuidelOrtho Corporation has a twelve month low of $22.05 and a twelve month high of $49.45. The company has a market capitalization of $1.88 billion, a P/E ratio of -4.24 and a beta of 0.14. The stock's fifty day simple moving average is $27.09 and its 200 day simple moving average is $30.51.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Citigroup dropped their price target on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. UBS Group dropped their price target on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Wall Street Zen lowered QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target for the company in a research note on Thursday, May 8th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, QuidelOrtho has an average rating of "Hold" and a consensus target price of $42.17.

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.