Neo Ivy Capital Management Makes New Investment in QuidelOrtho Co. (NASDAQ:QDEL)

Neo Ivy Capital Management bought a new stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 40,959 shares of the company's stock, valued at approximately $1,824,000. Neo Ivy Capital Management owned about 0.06% of QuidelOrtho at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its holdings in QuidelOrtho by 75.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock valued at $166,000 after buying an additional 1,601 shares during the period. Merit Financial Group LLC acquired a new stake in QuidelOrtho during the fourth quarter worth approximately $301,000. State of New Jersey Common Pension Fund D increased its holdings in QuidelOrtho by 22.4% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 54,411 shares of the company's stock worth $2,424,000 after purchasing an additional 9,956 shares in the last quarter. Principal Financial Group Inc. lifted its stake in QuidelOrtho by 17.3% in the fourth quarter. Principal Financial Group Inc. now owns 319,208 shares of the company's stock valued at $14,221,000 after buying an additional 47,171 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of QuidelOrtho by 522.2% during the 4th quarter. SG Americas Securities LLC now owns 87,372 shares of the company's stock worth $3,892,000 after buying an additional 73,330 shares during the period. Institutional investors own 99.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. UBS Group reduced their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group raised QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective on the stock in a report on Thursday, May 8th. JPMorgan Chase & Co. cut their price objective on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. Wall Street Zen lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, February 15th. Finally, Royal Bank of Canada decreased their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $44.33.

QuidelOrtho Price Performance

Shares of NASDAQ:QDEL traded down $1.22 on Thursday, reaching $30.48. The company's stock had a trading volume of 312,242 shares, compared to its average volume of 1,076,808. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. QuidelOrtho Co. has a 52-week low of $23.77 and a 52-week high of $49.45. The company has a 50-day simple moving average of $30.17 and a 200 day simple moving average of $37.52. The company has a market cap of $2.06 billion, a P/E ratio of -1.01 and a beta of 0.13.

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, topping analysts' consensus estimates of $0.61 by $0.13. The firm had revenue of $692.80 million during the quarter, compared to analyst estimates of $694.97 million. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. QuidelOrtho's quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the company earned $0.44 EPS. As a group, equities research analysts anticipate that QuidelOrtho Co. will post 2.3 EPS for the current fiscal year.

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.