QuidelOrtho Corporation $QDEL Stake Lifted by Jump Financial LLC

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 grew its position in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 64.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 approximately 0.17% of QuidelOrtho worth $3,998,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of QDEL. Summit Securities Group LLC acquired a new position in shares of QuidelOrtho in the 1st quarter valued at about $36,000. Quarry LP acquired a new position in shares of QuidelOrtho in the 4th quarter valued at about $43,000. True Wealth Design LLC lifted its stake in shares of QuidelOrtho by 300.7% in the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after purchasing an additional 806 shares in the last quarter. State of Wyoming acquired a new position in shares of QuidelOrtho in the 4th quarter valued at about $164,000. Finally, Humankind Investments LLC acquired a new position in shares of QuidelOrtho in the 4th quarter valued at about $211,000. 99.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. UBS Group reduced their price objective on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Citigroup reduced their price target on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Jefferies Financial Group raised QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target on the stock in a research report on Thursday, May 8th. Finally, Wall Street Zen lowered QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. 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 company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $42.17.

QuidelOrtho Stock Performance

Shares of NASDAQ QDEL traded up $0.69 during trading on Friday, reaching $28.69. The stock had a trading volume of 1,195,358 shares, compared to its average volume of 1,381,718. QuidelOrtho Corporation has a one year low of $22.05 and a one year high of $49.45. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. The stock has a market cap of $1.95 billion, a PE ratio of -4.39 and a beta of 0.14. The firm's 50 day moving average price is $27.08 and its two-hundred day moving average price is $30.61.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued 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. 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 the consensus estimate of $612.36 million. During the same period in the previous year, the business earned ($0.07) EPS. The business's quarterly revenue was down 3.6% on a year-over-year basis. On average, research analysts forecast that QuidelOrtho Corporation will post 2.3 earnings per share for the current fiscal year.

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.