Voloridge Investment Management LLC Has $11.35 Million Position in QuidelOrtho Co. (NASDAQ:QDEL)

Voloridge Investment Management LLC decreased its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 47.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 254,764 shares of the company's stock after selling 231,238 shares during the period. Voloridge Investment Management LLC owned 0.38% of QuidelOrtho worth $11,350,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Quarry LP purchased a new position in QuidelOrtho during the fourth quarter worth $43,000. True Wealth Design LLC increased 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 worth $48,000 after buying an additional 806 shares in the last quarter. Blue Trust Inc. increased its position in QuidelOrtho by 188.0% during the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock worth $58,000 after buying an additional 844 shares in the last quarter. Spire Wealth Management purchased a new position in QuidelOrtho during the fourth quarter worth $74,000. Finally, KBC Group NV increased its position in QuidelOrtho by 122.9% during the fourth quarter. KBC Group NV now owns 3,437 shares of the company's stock worth $153,000 after buying an additional 1,895 shares in the last quarter. Hedge funds and other institutional investors own 99.00% of the company's stock.

Analysts Set New Price Targets

QDEL has been the topic of several analyst reports. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective on the stock in a report on Thursday, May 8th. UBS Group decreased their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. JPMorgan Chase & Co. decreased their price objective on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a report on Monday, April 21st. Finally, Royal Bank of Canada decreased their price objective on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. One 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. Based on data from MarketBeat.com, QuidelOrtho has an average rating of "Hold" and a consensus price target of $44.33.

QuidelOrtho Stock Down 1.0%

Shares of NASDAQ:QDEL traded down $0.31 during midday trading on Friday, hitting $30.44. 196,300 shares of the stock were exchanged, compared to its average volume of 1,077,565. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. QuidelOrtho Co. has a 52-week low of $23.77 and a 52-week high of $49.45. The business's fifty day simple moving average is $30.17 and its two-hundred day simple moving average is $37.52. The company has a market capitalization of $2.06 billion, a PE ratio of -1.01 and a beta of 0.13.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.61 by $0.13. The firm 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 business's quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 earnings per share. As a group, research analysts predict that QuidelOrtho Co. will post 2.3 earnings per share 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.