Soleus Capital Management L.P. Decreases Stake in QuidelOrtho Co. (NASDAQ:QDEL)

Soleus Capital Management L.P. decreased its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 20.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 547,082 shares of the company's stock after selling 138,918 shares during the period. QuidelOrtho accounts for about 1.5% of Soleus Capital Management L.P.'s holdings, making the stock its 21st largest holding. Soleus Capital Management L.P. owned about 0.81% of QuidelOrtho worth $24,373,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Squarepoint Ops LLC raised its position in QuidelOrtho by 624.3% during the 4th quarter. Squarepoint Ops LLC now owns 91,143 shares of the company's stock valued at $4,060,000 after purchasing an additional 78,560 shares during the last quarter. True Wealth Design LLC raised its position in QuidelOrtho by 300.7% during the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after purchasing an additional 806 shares during the last quarter. Stanley Capital Management LLC bought a new position in QuidelOrtho during the 4th quarter valued at approximately $8,687,000. State of Wyoming bought a new position in shares of QuidelOrtho in the 4th quarter worth approximately $164,000. Finally, Systematic Financial Management LP raised its position in shares of QuidelOrtho by 7.0% in the 4th quarter. Systematic Financial Management LP now owns 161,561 shares of the company's stock worth $7,198,000 after acquiring an additional 10,527 shares in the last quarter. Institutional investors own 99.00% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on QDEL shares. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, February 15th. Royal Bank of Canada lowered their target price on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price for the company in a research note on Thursday, May 8th. JPMorgan Chase & Co. lowered their target price on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research note on Monday, April 21st. Finally, UBS Group lowered their target price on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, QuidelOrtho currently has an average rating of "Hold" and an average price target of $44.33.

QuidelOrtho Stock Down 1.5%

NASDAQ:QDEL traded down $0.44 during trading hours on Friday, reaching $29.74. 1,380,448 shares of the company traded hands, compared to its average volume of 1,073,659. The business's 50-day moving average price is $30.54 and its two-hundred day moving average price is $37.80. The stock has a market capitalization of $2.01 billion, a P/E ratio of -0.98 and a beta of 0.13. QuidelOrtho Co. has a 1 year low of $23.77 and a 1 year high of $49.45. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71.

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