Royce & Associates LP Acquires New Shares in QuidelOrtho Corporation (NASDAQ:QDEL)

Key Points

• Royce & Associates LP made a new investment in QuidelOrtho Corporation, acquiring 66,391 shares valued at approximately $2.32 million.
• Analysts have mixed ratings on QuidelOrtho, with one sell rating, three hold ratings, and four buy ratings, indicating a consensus rating of "Hold" and a price target of $44.33.
• QuidelOrtho's shares are currently trading at $26.09, down 4.7%, with the company's latest earnings report showing a negative net margin of 12.07% and revenue down 2.6% year-over-year.

Royce & Associates LP bought a new position in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 66,391 shares of the company's stock, valued at approximately $2,322,000. Royce & Associates LP owned 0.10% of QuidelOrtho at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in QuidelOrtho during the fourth quarter worth approximately $2,169,000. Corient Private Wealth LLC grew its position in QuidelOrtho by 10.6% during the fourth quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock worth $306,000 after buying an additional 661 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in QuidelOrtho during the fourth quarter worth approximately $586,000. LPL Financial LLC acquired a new stake in QuidelOrtho during the fourth quarter worth approximately $221,000. Finally, Vanguard Group Inc. grew its position in QuidelOrtho by 12.6% during the fourth quarter. Vanguard Group Inc. now owns 6,817,412 shares of the company's stock worth $303,716,000 after buying an additional 764,900 shares in the last quarter. Institutional investors own 99.00% of the company's stock.

QuidelOrtho Price Performance

Shares of QDEL stock traded down $0.42 during trading hours on Friday, reaching $22.60. The company's stock had a trading volume of 522,844 shares, compared to its average volume of 1,303,734. The firm's 50 day simple moving average is $28.76 and its 200-day simple moving average is $33.23. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -4.54 and a beta of 0.07. QuidelOrtho Corporation has a fifty-two week low of $22.05 and a fifty-two week high of $49.45. The company has a quick ratio of 0.66, a current ratio of 1.20 and a debt-to-equity ratio of 0.70.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.13. The firm had revenue of $692.80 million for the quarter, compared to the consensus estimate of $694.97 million. QuidelOrtho had a positive return on equity of 4.71% and a negative net margin of 12.07%. The company's revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. Sell-side analysts forecast that QuidelOrtho Corporation will post 2.3 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on QDEL shares. 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 research report on Thursday, May 8th. JPMorgan Chase & Co. reduced their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. UBS Group reduced their price target on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Finally, Wall Street Zen downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $44.33.

About QuidelOrtho

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.