Tejara Capital Ltd Increases Stake in QuidelOrtho Corporation $QDEL

Key Points

• Tejara Capital Ltd significantly increased its stake in QuidelOrtho Corporation by 118.8%, now holding approximately 1.4% of the company’s shares.
• QuidelOrtho reported earnings of $0.12 per share for the last quarter, exceeding expectations, but noted a 3.6% decline in revenue year-over-year.
• Analysts have mixed ratings for QuidelOrtho, with an average target price of $42.17, reflecting a range of buy, hold, and sell positions.

Tejara Capital Ltd grew its stake in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 118.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,417 shares of the company's stock after purchasing an additional 57,247 shares during the quarter. QuidelOrtho makes up approximately 1.4% of Tejara Capital Ltd's investment portfolio, making the stock its 19th largest holding. Tejara Capital Ltd owned approximately 0.16% of QuidelOrtho worth $3,686,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Russell Investments Group Ltd. increased its position in QuidelOrtho by 50.3% during the first quarter. Russell Investments Group Ltd. now owns 40,499 shares of the company's stock worth $1,416,000 after acquiring an additional 13,558 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of QuidelOrtho by 27.3% in the 1st quarter. Public Sector Pension Investment Board now owns 208,990 shares of the company's stock valued at $7,308,000 after purchasing an additional 44,776 shares in the last quarter. Nuveen LLC acquired a new stake in QuidelOrtho during the 1st quarter worth approximately $7,751,000. Invesco Ltd. boosted its position in QuidelOrtho by 10.6% during the 1st quarter. Invesco Ltd. now owns 3,813,833 shares of the company's stock worth $133,370,000 after buying an additional 366,387 shares during the period. Finally, Deutsche Bank AG boosted its position in QuidelOrtho by 215.2% during the 1st quarter. Deutsche Bank AG now owns 358,889 shares of the company's stock worth $12,550,000 after buying an additional 245,033 shares during the period. 99.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on QDEL shares. Jefferies Financial Group raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a research note on Thursday, May 8th. Citigroup cut their price objective on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. JPMorgan Chase & Co. cut their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock 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, July 26th. Finally, UBS Group cut their target price on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, QuidelOrtho has an average rating of "Hold" and a consensus price target of $42.17.

QuidelOrtho Stock Up 3.6%

Shares of NASDAQ:QDEL traded up $0.93 on Tuesday, hitting $26.75. 697,652 shares of the company traded hands, compared to its average volume of 1,319,281. QuidelOrtho Corporation has a 52 week low of $22.05 and a 52 week high of $49.45. The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74. The stock has a 50 day simple moving average of $27.39 and a 200-day simple moving average of $31.54. The company has a market cap of $1.82 billion, a PE ratio of -4.09 and a beta of -0.04.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.11. The firm had revenue of $613.90 million for the quarter, compared to the consensus estimate of $612.36 million. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. The business's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) EPS. As a group, research analysts expect that QuidelOrtho Corporation 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.