QuidelOrtho Co. (NASDAQ:QDEL) Stock Position Lifted by Squarepoint Ops LLC

Squarepoint Ops LLC lifted its holdings in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 624.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 91,143 shares of the company's stock after purchasing an additional 78,560 shares during the quarter. Squarepoint Ops LLC owned 0.14% of QuidelOrtho worth $4,060,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. True Wealth Design LLC raised its stake in shares of QuidelOrtho by 300.7% during the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after purchasing an additional 806 shares in the last quarter. Stanley Capital Management LLC bought a new position in shares of QuidelOrtho during the 4th quarter worth approximately $8,687,000. State of Wyoming bought a new position in QuidelOrtho in the 4th quarter valued at $164,000. Systematic Financial Management LP raised its position in shares of QuidelOrtho by 7.0% during the fourth 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 during the last quarter. Finally, Quantinno Capital Management LP grew its stake in shares of QuidelOrtho by 38.1% during the fourth quarter. Quantinno Capital Management LP now owns 15,623 shares of the company's stock worth $696,000 after purchasing an additional 4,312 shares during the period. Institutional investors own 99.00% of the company's stock.

Analyst Upgrades and Downgrades

QDEL has been the topic of several analyst reports. Royal Bank of Canada dropped their target price on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. Wall Street Zen downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target for the company in a research note on Thursday, May 8th. UBS Group lowered their price target on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Finally, 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, QuidelOrtho currently has an average rating of "Hold" and a consensus price target of $44.33.

QuidelOrtho Price Performance

Shares of NASDAQ:QDEL traded up $0.44 during midday trading on Wednesday, reaching $31.70. 1,483,197 shares of the company's stock traded hands, compared to its average volume of 1,079,796. The company has a fifty day simple moving average of $30.17 and a two-hundred day simple moving average of $37.52. QuidelOrtho Co. has a 1 year low of $23.77 and a 1 year high of $49.45. 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 $2.14 billion, a P/E ratio of -1.05 and a beta of 0.13.

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 the consensus estimate 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 business's quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. Equities analysts predict that QuidelOrtho Co. will post 2.3 EPS for the current fiscal year.

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.