Jump Financial LLC Has $4 Million Holdings in QuidelOrtho Corporation $QDEL

Key Points

• Jump Financial LLC increased its stake in QuidelOrtho Corporation by 64.9% during the first quarter, owning 114,330 shares worth approximately $3.998 million.
• The company reported $0.12 earnings per share for the quarter, exceeding estimates and showing a revenue of $613.90 million, despite a 3.6% decline year-over-year.
• Recent changes in analyst ratings include Jefferies upgrading QuidelOrtho to a "buy" with a target price of $44.00, while UBS and Citigroup adjusted their price targets downward.

Jump Financial LLC raised its holdings in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 64.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 114,330 shares of the company's stock after purchasing an additional 45,017 shares during the period. Jump Financial LLC owned about 0.17% of QuidelOrtho worth $3,998,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. AQR Capital Management LLC raised its position in shares of QuidelOrtho by 204.5% during the 4th quarter. AQR Capital Management LLC now owns 803,986 shares of the company's stock valued at $35,818,000 after acquiring an additional 539,977 shares in the last quarter. American Century Companies Inc. increased its position in QuidelOrtho by 42.4% in the first quarter. American Century Companies Inc. now owns 1,588,645 shares of the company's stock worth $55,555,000 after buying an additional 473,094 shares during the period. Invesco Ltd. increased its position in QuidelOrtho by 10.6% in the first quarter. Invesco Ltd. now owns 3,813,833 shares of the company's stock worth $133,370,000 after buying an additional 366,387 shares during the period. Engine Capital Management LP acquired a new stake in QuidelOrtho in the fourth quarter worth $14,773,000. Finally, Balyasny Asset Management L.P. acquired a new stake in QuidelOrtho in the fourth quarter worth $14,247,000. 99.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on QDEL. UBS Group dropped their target price on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Wall Street Zen lowered QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Citigroup dropped their target price on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group raised QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a research report 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 assigned a Sell rating to the stock. Based on data from MarketBeat, QuidelOrtho has an average rating of "Hold" and a consensus price target of $42.17.

QuidelOrtho Price Performance

QDEL stock traded up $0.69 during trading hours on Friday, hitting $28.69. 1,195,358 shares of the stock traded hands, compared to its average volume of 1,319,925. The stock has a 50-day simple moving average of $27.06 and a 200 day simple moving average of $30.84. QuidelOrtho Corporation has a one year low of $22.05 and a one year high of $49.45. The company has a market cap of $1.95 billion, a P/E ratio of -4.39 and a beta of -0.04. The company has a current ratio of 1.12, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74.

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