Squarepoint Ops LLC lifted its stake in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 624.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,143 shares of the company's stock after buying an additional 78,560 shares during the period. Squarepoint Ops LLC owned approximately 0.14% of QuidelOrtho worth $4,060,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. increased its position in shares of QuidelOrtho by 19.6% during 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 purchasing an additional 1,840,667 shares in the last quarter. Invesco Ltd. increased its position in QuidelOrtho by 71.7% during the fourth quarter. Invesco Ltd. now owns 3,447,446 shares of the company's stock worth $153,584,000 after buying an additional 1,439,293 shares during the period. Norges Bank purchased a new stake in QuidelOrtho in the fourth quarter valued at approximately $34,171,000. Vanguard Group Inc. boosted its holdings in shares of QuidelOrtho by 12.6% in the fourth quarter. Vanguard Group Inc. now owns 6,817,412 shares of the company's stock valued at $303,716,000 after acquiring an additional 764,900 shares during the period. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of QuidelOrtho by 143.9% in the fourth quarter. Segall Bryant & Hamill LLC now owns 1,046,649 shares of the company's stock valued at $46,628,000 after acquiring an additional 617,592 shares during the period. 99.00% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Monday, April 21st. UBS Group reduced their target price on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. 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 report on Thursday, May 8th. Royal Bank of Canada dropped their price target on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. Finally, Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $44.33.
View Our Latest Report on QDEL
QuidelOrtho Price Performance
Shares of QDEL traded down $0.10 on Friday, reaching $30.65. The stock had a trading volume of 1,323,678 shares, compared to its average volume of 1,085,243. QuidelOrtho Co. has a twelve month low of $23.77 and a twelve month high of $49.45. The firm has a market capitalization of $2.07 billion, a PE ratio of -1.01 and a beta of 0.13. The firm has a 50-day moving average of $29.96 and a 200 day moving average of $37.35. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71.
QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.13. The company had revenue of $692.80 million for the quarter, compared to the consensus estimate of $694.97 million. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. The company's revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 earnings per share. Sell-side analysts expect that QuidelOrtho Co. will post 2.3 EPS for the current year.
About QuidelOrtho
(
Free Report)
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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