Russell Investments Group Ltd. Increases Stock Position in QuidelOrtho Corporation $QDEL

Key Points

• Russell Investments Group Ltd. increased its stake in QuidelOrtho Corporation by 50.3%, holding 40,499 shares worth approximately $1.42 million as of the latest SEC filing.
• QuidelOrtho reported earnings per share of $0.12 for the quarter, surpassing the consensus estimate of $0.01, with revenue amounting to $613.90 million.
• Analysts have mixed ratings on QuidelOrtho, with four analysts rating it as a buy, while Citigroup lowered their price objective from $50 to $40.

Russell Investments Group Ltd. boosted its stake in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 50.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,499 shares of the company's stock after purchasing an additional 13,558 shares during the quarter. Russell Investments Group Ltd. owned about 0.06% of QuidelOrtho worth $1,416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP bought a new position in QuidelOrtho during the fourth quarter valued at approximately $43,000. True Wealth Design LLC grew its position in QuidelOrtho by 300.7% during the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after acquiring an additional 806 shares during the last quarter. State of Wyoming bought a new position in QuidelOrtho during the fourth quarter valued at approximately $164,000. Humankind Investments LLC bought a new position in QuidelOrtho during the fourth quarter valued at approximately $211,000. Finally, LPL Financial LLC bought a new position in QuidelOrtho during the fourth quarter valued at approximately $221,000. 99.00% of the stock is currently owned by institutional investors.

QuidelOrtho Trading Down 1.5%

NASDAQ:QDEL traded down $0.44 during trading hours on Tuesday, hitting $28.25. The company had a trading volume of 1,277,793 shares, compared to its average volume of 1,289,761. The company has a market capitalization of $1.92 billion, a PE ratio of -4.32 and a beta of 0.14. The stock has a 50-day moving average price of $27.09 and a 200 day moving average price of $30.51. 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 current ratio of 1.12 and a quick ratio of 0.62.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.07) earnings per share. On average, equities research analysts predict that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Wall Street Zen cut shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Citigroup cut their target price on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. UBS Group cut their target price on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Finally, Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a report on Thursday, May 8th. Four research 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. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $42.17.

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.