QuidelOrtho Corporation $QDEL Holdings Raised by Private Management Group Inc.

Key Points

• Private Management Group increased its QuidelOrtho stake 10.6% in the third quarter, adding 219,908 shares to hold about 2.29 million shares, worth roughly $24.1 million. Institutional investors and hedge funds own 99% of the stock.
• QuidelOrtho reported quarterly EPS of $0.31, beating estimates of $0.18, while revenue of $618.9 million fell short of forecasts and declined 11.6% year over year.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and a $13.62 price target. Shares opened at $12.09, well below their 200-day moving average of $15.87.

Private Management Group Inc. boosted its position in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 10.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,290,299 shares of the company's stock after buying an additional 219,908 shares during the period. Private Management Group Inc. owned approximately 3.34% of QuidelOrtho worth $24,140,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of QuidelOrtho in the 2nd quarter valued at about $196,212,000. Newtyn Management LLC grew its stake in QuidelOrtho by 45.3% during the second quarter. Newtyn Management LLC now owns 6,625,000 shares of the company's stock worth $116,037,000 after purchasing an additional 2,066,528 shares during the period. Dimensional Fund Advisors LP increased its holdings in QuidelOrtho by 7.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,048,768 shares of the company's stock worth $50,085,000 after purchasing an additional 212,481 shares in the last quarter. Paradigm Capital Management Inc. NY bought a new stake in QuidelOrtho in the second quarter worth approximately $44,168,000. Finally, Segall Bryant & Hamill LLC increased its holdings in QuidelOrtho by 29.2% in the first quarter. Segall Bryant & Hamill LLC now owns 1,543,410 shares of the company's stock worth $25,358,000 after purchasing an additional 348,549 shares in the last quarter. 99.00% of the stock is currently owned by institutional investors and hedge funds.

QuidelOrtho Price Performance

Shares of NASDAQ QDEL opened at $12.09 on Tuesday. The firm's 50-day moving average price is $12.53 and its 200-day moving average price is $15.87. QuidelOrtho Corporation has a 1-year low of $9.92 and a 1-year high of $35.58. The firm has a market capitalization of $829.01 million, a P/E ratio of 16.69 and a beta of 0.77. The company has a current ratio of 1.36, a quick ratio of 0.76 and a debt-to-equity ratio of 1.40.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.13. QuidelOrtho had a negative net margin of 14.24% and a positive return on equity of 3.22%. The company had revenue of $618.90 million for the quarter, compared to analysts' expectations of $627.83 million. During the same quarter in the prior year, the firm earned $0.80 EPS. The business's revenue was down 11.6% on a year-over-year basis. Equities research analysts anticipate that QuidelOrtho Corporation will post 0.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on QDEL shares. Weiss Ratings reissued a "sell (e+)" rating on shares of QuidelOrtho in a research note on Thursday, October 15th. Zacks Research raised shares of QuidelOrtho from a "strong sell" rating to a "hold" rating in a research report on Friday, October 9th. Four equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, QuidelOrtho currently has a consensus rating of "Reduce" and a consensus price target of $13.62.

About QuidelOrtho

QuidelOrtho Corporation NASDAQ: QDEL is a global in vitro diagnostics company formed through the combination of Quidel Corporation and Ortho Clinical Diagnostics, a transaction completed in 2022. The company develops, manufactures and markets diagnostic technologies used to detect disease, guide treatment decisions and support blood-transfusion safety.

Its portfolio includes rapid immunoassays, molecular testing systems, clinical chemistry and immunohematology products, as well as laboratory automation solutions.

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