QuidelOrtho Co. (NASDAQ:QDEL) Shares Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC increased its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 279.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,823 shares of the company's stock after purchasing an additional 27,106 shares during the quarter. Pallas Capital Advisors LLC owned approximately 0.05% of QuidelOrtho worth $1,288,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in QDEL. Sterling Capital Management LLC increased its position in shares of QuidelOrtho by 75.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock worth $166,000 after purchasing an additional 1,601 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in QuidelOrtho by 22.4% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 54,411 shares of the company's stock worth $2,424,000 after buying an additional 9,956 shares during the last quarter. Principal Financial Group Inc. increased its position in QuidelOrtho by 17.3% during the fourth quarter. Principal Financial Group Inc. now owns 319,208 shares of the company's stock worth $14,221,000 after buying an additional 47,171 shares during the period. Raymond James Financial Inc. purchased a new stake in QuidelOrtho in the fourth quarter valued at approximately $2,169,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of QuidelOrtho by 20.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 881,535 shares of the company's stock valued at $39,272,000 after acquiring an additional 148,735 shares during the period. 99.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of 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 reduced their target price on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Wall Street Zen upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Finally, Jefferies Financial Group upgraded 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $44.33.

QuidelOrtho Stock Performance

NASDAQ QDEL traded down $0.98 during trading hours on Friday, hitting $28.90. 927,957 shares of the stock were exchanged, compared to its average volume of 1,088,589. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71. The company has a market cap of $1.95 billion, a price-to-earnings ratio of -0.95 and a beta of 0.10. QuidelOrtho Co. has a 12-month low of $23.77 and a 12-month high of $49.45. The stock has a 50-day moving average of $29.50 and a 200 day moving average of $36.76.

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 the consensus estimate of $694.97 million. During the same period in the prior year, the business posted $0.44 EPS. The company's revenue for the quarter was down 2.6% on a year-over-year basis. As a group, equities research analysts forecast that QuidelOrtho Co. will post 2.3 earnings per share for the current 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.