Rubric Capital Management LP Sells 470,876 Shares of QuidelOrtho Corporation $QDEL

Key Points

• Rubric Capital Management cut its QuidelOrtho position by 12.5%, selling 470,876 shares in the first quarter and retaining 3.31 million shares valued at approximately $54.3 million.
• QuidelOrtho shares opened at $16.83 after rising 4.9%, but the company reported disappointing quarterly results: EPS of negative $0.04 versus expectations of $0.37 and revenue of $619.8 million versus estimates of $665.2 million.
• Analysts maintain a cautious outlook, with a consensus rating of “Reduce” and an average price target of $13.62; institutional investors collectively own 99% of the stock.

Rubric Capital Management LP reduced its position in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 12.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,306,281 shares of the company's stock after selling 470,876 shares during the quarter. Rubric Capital Management LP owned 4.85% of QuidelOrtho worth $54,322,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC grew its position in QuidelOrtho by 3.2% during the first quarter. Empowered Funds LLC now owns 254,217 shares of the company's stock valued at $4,177,000 after acquiring an additional 7,956 shares during the last quarter. Rice Hall James & Associates LLC raised its stake in shares of QuidelOrtho by 23.1% during the first quarter. Rice Hall James & Associates LLC now owns 1,026,420 shares of the company's stock worth $16,864,000 after acquiring an additional 192,629 shares in the last quarter. Gamco Investors INC. ET AL lifted its holdings in shares of QuidelOrtho by 7.0% in the 1st quarter. Gamco Investors INC. ET AL now owns 253,900 shares of the company's stock worth $4,172,000 after acquiring an additional 16,680 shares during the last quarter. Paradigm Capital Management Inc. NY lifted its holdings in shares of QuidelOrtho by 84.1% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 1,525,900 shares of the company's stock worth $25,071,000 after acquiring an additional 697,010 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in shares of QuidelOrtho by 27.2% in the 1st quarter. Sei Investments Co. now owns 269,178 shares of the company's stock valued at $4,423,000 after purchasing an additional 57,615 shares in the last quarter. 99.00% of the stock is currently owned by institutional investors.

QuidelOrtho Stock Up 4.9%

Shares of NASDAQ QDEL opened at $16.83 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 1.43 and a debt-to-equity ratio of 1.33. QuidelOrtho Corporation has a 52 week low of $9.92 and a 52 week high of $35.58. The firm's fifty day moving average is $14.99 and its 200 day moving average is $18.53. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -0.94 and a beta of 0.69.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.41). The firm had revenue of $619.80 million for the quarter, compared to the consensus estimate of $665.23 million. QuidelOrtho had a negative net margin of 45.57% and a positive return on equity of 4.25%. The company's quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.74 earnings per share. QuidelOrtho has set its FY 2026 guidance at 1.800-2.000 EPS. On average, equities research analysts expect that QuidelOrtho Corporation will post 1.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of QuidelOrtho from $11.00 to $12.00 and gave the company an "underweight" rating in a report on Wednesday, July 1st. UBS Group restated a "neutral" rating and set a $12.00 price target on shares of QuidelOrtho in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of QuidelOrtho in a research note on Friday, July 17th. Citigroup lifted their price objective on QuidelOrtho from $13.00 to $18.00 and gave the stock a "neutral" rating in a report on Wednesday, July 8th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of QuidelOrtho in a research note on Monday, June 29th. Four investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, QuidelOrtho has a consensus rating of "Reduce" and an average target price of $13.62.

QuidelOrtho Profile

QuidelOrtho is a global diagnostics company formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics. The combined entity develops, manufactures and markets a broad portfolio of rapid and high-throughput diagnostic solutions across immunoassay, molecular diagnostics and transfusion medicine. Its offerings span point-of-care platforms for acute care testing as well as large-scale automated systems designed for clinical laboratories and blood banks.

The company's product range includes rapid antigen and antibody tests for infectious diseases, molecular assays utilizing nucleic acid amplification technology, and integrated immunodiagnostic analyzers.

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