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

Neo Ivy Capital Management purchased a new stake in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 40,959 shares of the company's stock, valued at approximately $1,824,000. Neo Ivy Capital Management owned 0.06% of QuidelOrtho at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of QDEL. Merit Financial Group LLC acquired a new position in QuidelOrtho during the fourth quarter valued at $301,000. SG Americas Securities LLC raised its position in QuidelOrtho by 522.2% during the fourth quarter. SG Americas Securities LLC now owns 87,372 shares of the company's stock valued at $3,892,000 after buying an additional 73,330 shares during the period. Blue Trust Inc. raised its position in QuidelOrtho by 344.3% during the fourth quarter. Blue Trust Inc. now owns 1,995 shares of the company's stock valued at $91,000 after buying an additional 1,546 shares during the period. KBC Group NV raised its position in QuidelOrtho by 122.9% during the fourth quarter. KBC Group NV now owns 3,437 shares of the company's stock valued at $153,000 after buying an additional 1,895 shares during the period. Finally, Gagnon Securities LLC raised its position in QuidelOrtho by 45.4% during the fourth quarter. Gagnon Securities LLC now owns 91,060 shares of the company's stock valued at $4,057,000 after buying an additional 28,431 shares during the period. 99.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on QDEL. UBS Group dropped their target price on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Royal Bank of Canada dropped their target price on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. Wall Street Zen downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, February 15th. 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. Finally, JPMorgan Chase & Co. decreased their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research note on Monday, April 21st. One investment 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. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $44.33.

QuidelOrtho Stock Performance

Shares of QDEL stock traded up $1.52 during mid-day trading on Tuesday, reaching $31.26. The stock had a trading volume of 1,568,199 shares, compared to its average volume of 1,076,745. The firm's 50 day simple moving average is $30.26 and its 200 day simple moving average is $37.56. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71. QuidelOrtho Co. has a one year low of $23.77 and a one year high of $49.45. The firm has a market cap of $2.11 billion, a PE ratio of -1.03 and a beta of 0.13.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its 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. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. The business had revenue of $692.80 million during the quarter, compared to analysts' expectations of $694.97 million. During the same period in the prior year, the firm posted $0.44 EPS. QuidelOrtho's quarterly revenue was down 2.6% compared to the same quarter last year. On average, analysts forecast that QuidelOrtho Co. will post 2.3 EPS 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.