Soleus Capital Management L.P. Lowers Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Soleus Capital Management L.P. reduced its position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 20.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 547,082 shares of the company's stock after selling 138,918 shares during the quarter. QuidelOrtho comprises about 1.5% of Soleus Capital Management L.P.'s portfolio, making the stock its 21st biggest position. Soleus Capital Management L.P. owned 0.81% of QuidelOrtho worth $24,373,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. lifted its stake in QuidelOrtho by 19.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,238,826 shares of the company's stock worth $500,690,000 after acquiring an additional 1,840,667 shares during the period. Invesco Ltd. increased its holdings in QuidelOrtho by 71.7% during the fourth quarter. Invesco Ltd. now owns 3,447,446 shares of the company's stock valued at $153,584,000 after buying an additional 1,439,293 shares during the period. Norges Bank bought a new position in QuidelOrtho in the fourth quarter worth approximately $34,171,000. Vanguard Group Inc. raised its stake in QuidelOrtho by 12.6% in 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. Finally, Segall Bryant & Hamill LLC lifted its holdings in QuidelOrtho by 143.9% during the fourth quarter. Segall Bryant & Hamill LLC now owns 1,046,649 shares of the company's stock worth $46,628,000 after buying an additional 617,592 shares during the period. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on QDEL shares. UBS Group reduced their price target on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. reduced their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research note on Monday, April 21st. Royal Bank of Canada lowered their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. StockNews.com downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. Finally, Jefferies Financial Group raised QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, QuidelOrtho presently has an average rating of "Hold" and a consensus target price of $44.33.

QuidelOrtho Stock Up 1.3%

QuidelOrtho stock opened at $33.46 on Monday. The business's 50-day simple moving average is $30.94 and its two-hundred day simple moving average is $38.00. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. The company has a market cap of $2.26 billion, a PE ratio of -1.11 and a beta of 0.13. QuidelOrtho Co. has a fifty-two week low of $23.77 and a fifty-two week high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.13. The company had revenue of $692.80 million during the quarter, compared to analyst estimates of $694.97 million. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. QuidelOrtho's revenue for the quarter was down 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.44 EPS. Equities analysts anticipate that QuidelOrtho Co. will post 2.3 EPS for the current year.

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.

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