Monaco Asset Management SAM Has $1.57 Million Stake in QuidelOrtho Corporation (NASDAQ:QDEL)

Key Points

• Monaco Asset Management SAM reduced its stake in QuidelOrtho Corporation by 30.8%, now holding 45,000 shares valued at approximately $1.57 million.
• QuidelOrtho reported a quarterly EPS of $0.74 for the latest quarter, exceeding analysts' estimates, but its revenue was down 2.6% year-over-year.
• Research analysts have adjusted their ratings for QuidelOrtho, with JPMorgan cutting its price target from $38.00 to $25.00 and UBS lowering it from $45.00 to $29.00.

Monaco Asset Management SAM lowered its position in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 30.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,000 shares of the company's stock after selling 20,000 shares during the quarter. Monaco Asset Management SAM owned approximately 0.07% of QuidelOrtho worth $1,574,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of QDEL. T. Rowe Price Investment Management Inc. lifted its position in shares of QuidelOrtho by 19.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,238,826 shares of the company's stock worth $500,690,000 after buying an additional 1,840,667 shares during the last quarter. Invesco Ltd. lifted its position in shares of QuidelOrtho by 71.7% during the 4th quarter. Invesco Ltd. now owns 3,447,446 shares of the company's stock worth $153,584,000 after purchasing an additional 1,439,293 shares during the last quarter. Norges Bank acquired a new position in shares of QuidelOrtho during the 4th quarter worth about $34,171,000. Vanguard Group Inc. lifted its position in shares of QuidelOrtho by 12.6% during the 4th quarter. Vanguard Group Inc. now owns 6,817,412 shares of the company's stock worth $303,716,000 after purchasing an additional 764,900 shares during the last quarter. Finally, AQR Capital Management LLC lifted 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 worth $35,818,000 after purchasing an additional 539,977 shares during the last quarter. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Performance

QDEL traded down $0.21 on Friday, hitting $22.81. 1,600,728 shares of the stock traded hands, compared to its average volume of 1,360,125. QuidelOrtho Corporation has a 52 week low of $22.05 and a 52 week high of $49.45. The company has a current ratio of 1.20, a quick ratio of 0.66 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $1.54 billion, a PE ratio of -4.59 and a beta of -0.03. The business has a fifty day moving average price of $28.63 and a two-hundred day moving average price of $33.06.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.13. QuidelOrtho had a positive return on equity of 4.71% and a negative net margin of 12.07%. The firm had revenue of $692.80 million for the quarter, compared to analyst estimates of $694.97 million. During the same period in the previous year, the company posted $0.44 earnings per share. The company's quarterly revenue was down 2.6% compared to the same quarter last year. On average, research analysts predict that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on QDEL shares. JPMorgan Chase & Co. cut their price objective on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Monday, April 21st. UBS Group cut their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group raised QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a research report on Thursday, May 8th. Finally, Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $44.33.

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.