Magnetar Financial LLC Sells 870,210 Shares of QuidelOrtho Corporation $QDEL

Key Points

• Magnetar Financial LLC reduced its holdings in QuidelOrtho Corporation by 99.2% in the first quarter, now owning only 7,097 shares after selling 870,210 shares.
• QuidelOrtho reported earnings per share of $0.12, beating analysts' estimates, but experienced a 3.6% decline in revenue compared to the previous year.
• Analysts have mixed ratings for QDEL, with a consensus rating of "Hold" and an average price target of $42.17 amid recent changes from various brokerage firms.

Magnetar Financial LLC lowered its stake in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 99.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,097 shares of the company's stock after selling 870,210 shares during the quarter. Magnetar Financial LLC's holdings in QuidelOrtho were worth $248,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of QDEL. Voya Investment Management LLC lifted its stake in 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 in the last quarter. Northern Trust Corp lifted its stake in QuidelOrtho by 36.2% in the 4th quarter. Northern Trust Corp now owns 431,710 shares of the company's stock worth $19,233,000 after purchasing an additional 114,850 shares in the last quarter. Comerica Bank lifted its stake in QuidelOrtho by 4.5% in the 4th quarter. Comerica Bank now owns 50,840 shares of the company's stock worth $2,265,000 after purchasing an additional 2,176 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in QuidelOrtho by 27.9% in the 4th quarter. Ameriprise Financial Inc. now owns 243,409 shares of the company's stock worth $10,844,000 after purchasing an additional 53,125 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in QuidelOrtho in the 4th quarter worth approximately $457,000. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

QuidelOrtho Price Performance

NASDAQ:QDEL traded up $0.89 during mid-day trading on Friday, reaching $28.68. The stock had a trading volume of 971,432 shares, compared to its average volume of 1,114,383. The firm has a 50 day moving average price of $27.06 and a two-hundred day moving average price of $30.23. The stock has a market capitalization of $1.95 billion, a P/E ratio of -4.39 and a beta of 0.14. QuidelOrtho Corporation has a one year low of $22.05 and a one year 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.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.11. The company had revenue of $613.90 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted ($0.07) EPS. As a group, analysts expect that QuidelOrtho Corporation will post 2.3 earnings per share for the current year.

Analysts Set New Price Targets

QDEL has been the subject of a number of research analyst reports. Wall Street Zen downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Citigroup dropped their price target on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Finally, UBS Group dropped their price target on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, QuidelOrtho presently has an average rating of "Hold" and an average price target 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.