QuidelOrtho Corporation $QDEL Position Trimmed by Magnetar Financial LLC

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

A number of other hedge funds and other institutional investors also recently bought and sold shares of QDEL. American Century Companies Inc. increased its stake in shares of QuidelOrtho by 42.4% in the first quarter. American Century Companies Inc. now owns 1,588,645 shares of the company's stock valued at $55,555,000 after purchasing an additional 473,094 shares during the period. Invesco Ltd. increased its stake in shares of QuidelOrtho by 10.6% in the first quarter. Invesco Ltd. now owns 3,813,833 shares of the company's stock valued at $133,370,000 after purchasing an additional 366,387 shares during the period. Engine Capital Management LP acquired a new stake in shares of QuidelOrtho in the fourth quarter valued at approximately $14,773,000. Balyasny Asset Management L.P. acquired a new stake in shares of QuidelOrtho in the fourth quarter valued at approximately $14,247,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of QuidelOrtho in the first quarter valued at approximately $10,915,000. 99.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

QDEL has been the topic of several analyst reports. UBS Group dropped their price target on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Citigroup reduced their price target on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Finally, Wall Street Zen lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $39.20.

QuidelOrtho Price Performance

NASDAQ:QDEL traded down $0.43 during trading hours on Monday, reaching $28.25. 83,158 shares of the company's stock were exchanged, compared to its average volume of 1,306,312. The company has a market capitalization of $1.92 billion, a P/E ratio of -4.30 and a beta of 0.14. QuidelOrtho Corporation has a 12 month low of $22.05 and a 12 month 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 business's 50-day simple moving average is $27.06 and its two-hundred day simple moving average is $30.16.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued 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 firm had revenue of $613.90 million during 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% compared to the same quarter last year. During the same period last year, the firm posted ($0.07) earnings per share. Sell-side analysts expect that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal 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.