Point72 Asset Management L.P. Has $4.18 Million Stake in QuidelOrtho Co. (NASDAQ:QDEL)

Point72 Asset Management L.P. reduced its position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 87.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 93,915 shares of the company's stock after selling 658,709 shares during the period. Point72 Asset Management L.P. owned 0.14% of QuidelOrtho worth $4,184,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Voya Investment Management LLC boosted its holdings in shares of QuidelOrtho by 7.7% during the 4th quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock worth $336,000 after buying an additional 538 shares during the period. Corient Private Wealth LLC boosted its holdings in shares of QuidelOrtho by 10.6% during the 4th quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock worth $306,000 after buying an additional 661 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of QuidelOrtho by 14.2% during the 4th quarter. CIBC Asset Management Inc now owns 6,564 shares of the company's stock worth $292,000 after buying an additional 816 shares during the period. Blue Trust Inc. boosted its holdings in QuidelOrtho by 188.0% in the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock valued at $58,000 after purchasing an additional 844 shares during the period. Finally, Quarry LP bought a new stake in QuidelOrtho in the 4th quarter valued at $43,000. 99.00% of the stock is owned by institutional investors.

QuidelOrtho Price Performance

Shares of NASDAQ:QDEL traded down $0.44 during midday trading on Friday, reaching $29.74. 1,380,448 shares of the company's stock were exchanged, compared to its average volume of 1,074,771. The company's 50 day simple moving average is $30.44 and its two-hundred day simple moving average is $37.71. The firm has a market capitalization of $2.01 billion, a PE ratio of -0.98 and a beta of 0.13. QuidelOrtho Co. has a 12 month low of $23.77 and a 12 month high of $49.45. 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 (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.13. The company had revenue of $692.80 million during the quarter, compared to the consensus estimate of $694.97 million. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. The firm's revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period last year, the firm earned $0.44 EPS. Equities research analysts expect that QuidelOrtho Co. will post 2.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. UBS Group reduced their price target 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. Royal Bank of Canada reduced their price target 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. 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 report on Monday, April 21st. Wall Street Zen downgraded shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. Finally, Jefferies Financial Group raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $44.33.

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.