Paradigm Capital Management Inc. NY Acquires 399,500 Shares of QuidelOrtho Corporation $QDEL

Key Points

• Paradigm Capital Management Inc. NY significantly increased its stake in QuidelOrtho Corporation by 570.7%, now owning 469,500 shares valued at approximately $16.4 million.
• Several institutional investors, including AQR Capital Management LLC and American Century Companies Inc., also increased their holdings in QuidelOrtho, indicating strong interest from major financial players.
• Analyst ratings for QuidelOrtho show a mix of sentiments, with target prices ranging from $26.00 to $50.00, reflecting differing confidence among Wall Street professionals.

Paradigm Capital Management Inc. NY lifted its holdings in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 570.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 469,500 shares of the company's stock after buying an additional 399,500 shares during the period. QuidelOrtho makes up about 0.9% of Paradigm Capital Management Inc. NY's investment portfolio, making the stock its 29th largest holding. Paradigm Capital Management Inc. NY owned about 0.70% of QuidelOrtho worth $16,418,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in QuidelOrtho by 2.4% during the first quarter. Principal Financial Group Inc. now owns 326,996 shares of the company's stock worth $11,435,000 after purchasing an additional 7,788 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in shares of QuidelOrtho by 2.9% in the first quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock valued at $907,000 after buying an additional 734 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of QuidelOrtho by 108.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 71,012 shares of the company's stock valued at $2,483,000 after buying an additional 36,867 shares during the period. Northern Trust Corp lifted its holdings in shares of QuidelOrtho by 36.2% in the fourth quarter. Northern Trust Corp now owns 431,710 shares of the company's stock valued at $19,233,000 after buying an additional 114,850 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of QuidelOrtho by 3,377.0% in the first quarter. GAMMA Investing LLC now owns 85,047 shares of the company's stock valued at $2,974,000 after buying an additional 82,601 shares during the period. Institutional investors own 99.00% of the company's stock.

QuidelOrtho Stock Up 4.4%

Shares of NASDAQ:QDEL traded up $1.23 during midday trading on Friday, hitting $29.02. 540,798 shares of the stock were exchanged, compared to its average volume of 1,311,228. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. QuidelOrtho Corporation has a 52-week low of $22.05 and a 52-week high of $49.45. The business's fifty day simple moving average is $27.06 and its two-hundred day simple moving average is $30.40. The company has a market capitalization of $1.97 billion, a PE ratio of -4.43 and a beta of 0.14.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.11. The business had revenue of $613.90 million during the quarter, compared to analyst estimates of $612.36 million. QuidelOrtho had a positive return on equity of 5.29% and a negative net margin of 16.10%.QuidelOrtho's quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the company earned ($0.07) earnings per share. As a group, research analysts predict that QuidelOrtho Corporation will post 2.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on QDEL shares. UBS Group cut their price objective on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Citigroup dropped their price target on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Finally, Jefferies Financial Group raised QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target on the stock in a report on Thursday, May 8th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $39.20.

QuidelOrtho Company 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.