QuidelOrtho Corporation $QDEL Shares Purchased by Clear Harbor Asset Management LLC

Key Points

• Clear Harbor Asset Management LLC significantly increased its holdings in QuidelOrtho Corporation by 147.5% during Q2, now owning 34,186 shares worth approximately $985,000.
• Several hedge funds have also adjusted their stakes, with institutional investors holding over 99% of QuidelOrtho's stock.
• Analysts have reduced their price targets on QuidelOrtho, with UBS lowering to $26, while Citigroup set a new target of $40, indicating a mixed outlook on the stock.

Clear Harbor Asset Management LLC boosted its holdings in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 147.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 34,186 shares of the company's stock after buying an additional 20,374 shares during the quarter. Clear Harbor Asset Management LLC owned 0.05% of QuidelOrtho worth $985,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in QDEL. Summit Securities Group LLC acquired a new position in QuidelOrtho in the first quarter worth approximately $36,000. Quarry LP grew its position in QuidelOrtho by 47.1% during the 1st quarter. Quarry LP now owns 1,436 shares of the company's stock worth $50,000 after purchasing an additional 460 shares in the last quarter. State of Wyoming purchased a new position in QuidelOrtho during the 4th quarter worth approximately $164,000. SYM FINANCIAL Corp purchased a new position in QuidelOrtho during the 1st quarter worth approximately $235,000. Finally, Vident Advisory LLC purchased a new position in QuidelOrtho during the 1st quarter worth approximately $240,000. Institutional investors and hedge funds own 99.00% of the company's stock.

Wall Street Analyst Weigh In

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

QuidelOrtho Stock Performance

NASDAQ:QDEL opened at $28.46 on Tuesday. The firm's 50-day moving average is $26.77 and its 200-day moving average is $29.28. QuidelOrtho Corporation has a 52-week low of $22.05 and a 52-week high of $49.45. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -4.35 and a beta of 0.14.

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

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