QuidelOrtho Co. (NASDAQ:QDEL) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC lifted its position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 3,377.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 85,047 shares of the company's stock after acquiring an additional 82,601 shares during the period. GAMMA Investing LLC owned about 0.13% of QuidelOrtho worth $2,974,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP acquired a new stake in shares of QuidelOrtho during the 4th quarter valued at approximately $43,000. True Wealth Design LLC raised its position in shares of QuidelOrtho by 300.7% during the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after acquiring an additional 806 shares in the last quarter. Blue Trust Inc. raised its position in shares of QuidelOrtho by 188.0% during the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock valued at $58,000 after acquiring an additional 844 shares in the last quarter. State of Wyoming bought a new position in QuidelOrtho during the 4th quarter worth $164,000. Finally, Sterling Capital Management LLC increased its position in QuidelOrtho by 75.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock worth $166,000 after buying an additional 1,601 shares during the period. 99.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on QDEL. 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. Wall Street Zen raised shares of QuidelOrtho from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target on the stock in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. reduced 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. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $44.33.

QuidelOrtho Price Performance

Shares of QDEL stock traded up $0.32 during midday trading on Monday, reaching $29.22. 937,027 shares of the company were exchanged, compared to its average volume of 1,087,983. The company's 50 day moving average price is $29.50 and its two-hundred day moving average price is $36.70. The company has a market cap of $1.98 billion, a P/E ratio of -0.96 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 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 issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share 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 analyst estimates of $694.97 million. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. The business's revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.44 EPS. On average, sell-side analysts expect that QuidelOrtho Co. will post 2.3 earnings per share for the current year.

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.