QuidelOrtho Co. (NASDAQ:QDEL) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lowered its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 11.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 66,601 shares of the company's stock after selling 8,815 shares during the period. Wedge Capital Management L L P NC owned 0.10% of QuidelOrtho worth $2,329,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Voya Investment Management LLC increased its position in shares of QuidelOrtho by 7.7% in the 4th quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock worth $336,000 after purchasing an additional 538 shares during the last quarter. Corient Private Wealth LLC increased its position in shares of QuidelOrtho by 10.6% in the 4th quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock worth $306,000 after purchasing an additional 661 shares during the last quarter. Rhumbline Advisers increased its position in shares of QuidelOrtho by 0.6% in the 1st quarter. Rhumbline Advisers now owns 129,025 shares of the company's stock worth $4,512,000 after purchasing an additional 770 shares during the last quarter. True Wealth Design LLC increased its position in shares of QuidelOrtho by 300.7% in the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after purchasing an additional 806 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of QuidelOrtho by 14.2% in the 4th quarter. CIBC Asset Management Inc now owns 6,564 shares of the company's stock worth $292,000 after purchasing an additional 816 shares during the last quarter. Institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Performance

QuidelOrtho stock traded down $0.98 during midday trading on Friday, reaching $28.90. 927,957 shares of the stock traded hands, compared to its average volume of 1,090,592. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The firm has a fifty day moving average price of $29.44 and a two-hundred day moving average price of $36.85. The firm 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 fifty-two week low of $23.77 and a fifty-two week high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating 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 negative net margin of 72.84% and a positive return on equity of 3.78%. QuidelOrtho's revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 EPS. On average, equities research analysts forecast that QuidelOrtho Co. will post 2.3 earnings per share for the current year.

Wall Street Analyst Weigh In

QDEL has been the subject of several research analyst reports. Royal Bank of Canada dropped their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. Jefferies Financial Group raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. lowered their price objective 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. Wall Street Zen raised shares of QuidelOrtho from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Finally, UBS Group lowered their price objective on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, QuidelOrtho has a consensus rating of "Moderate Buy" and a consensus price target of $44.33.

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.