QuidelOrtho (NASDAQ:QDEL) Reaches New 12-Month Low at $41.60

QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report)'s stock price hit a new 52-week low on Monday . The company traded as low as $41.60 and last traded at $41.62, with a volume of 288524 shares traded. The stock had previously closed at $42.17.

Wall Street Analysts Forecast Growth

QDEL has been the subject of a number of recent research reports. William Blair reiterated a "market perform" rating on shares of QuidelOrtho in a research note on Wednesday, February 14th. Raymond James reiterated an "outperform" rating and set a $76.00 price target (down previously from $100.00) on shares of QuidelOrtho in a research note on Wednesday, February 14th. Royal Bank of Canada decreased their price target on shares of QuidelOrtho from $130.00 to $81.00 and set an "outperform" rating for the company in a research note on Wednesday, February 14th. JPMorgan Chase & Co. cut shares of QuidelOrtho from a "neutral" rating to an "underweight" rating and decreased their price target for the stock from $66.00 to $37.00 in a research note on Wednesday, February 14th. Finally, UBS Group reiterated a "sell" rating and set a $42.00 price target (down previously from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $61.60.

QuidelOrtho Stock Performance

The company has a market cap of $2.77 billion, a PE ratio of -258.75 and a beta of 0.11. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.88 and a current ratio of 1.57. The stock's 50-day simple moving average is $48.73 and its 200 day simple moving average is $61.80.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.01 by ($0.84). The company had revenue of $742.60 million during the quarter, compared to analysts' expectations of $796.91 million. QuidelOrtho had a negative net margin of 0.34% and a positive return on equity of 5.54%. The business's revenue for the quarter was down 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.74 EPS. As a group, equities analysts anticipate that QuidelOrtho Co. will post 2.36 EPS for the current year.

Insider Activity

In related news, CFO Joseph M. Busky purchased 2,150 shares of the business's stock in a transaction dated Friday, February 23rd. The stock was acquired at an average price of $46.35 per share, for a total transaction of $99,652.50. Following the acquisition, the chief financial officer now directly owns 2,150 shares of the company's stock, valued at approximately $99,652.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On QuidelOrtho

Hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC increased its holdings in QuidelOrtho by 109.0% during the 3rd quarter. Global Retirement Partners LLC now owns 347 shares of the company's stock valued at $26,000 after acquiring an additional 181 shares in the last quarter. Money Concepts Capital Corp increased its holdings in QuidelOrtho by 66.8% during the 4th quarter. Money Concepts Capital Corp now owns 337 shares of the company's stock valued at $29,000 after acquiring an additional 135 shares in the last quarter. Eagle Bay Advisors LLC increased its holdings in QuidelOrtho by 174.2% during the 2nd quarter. Eagle Bay Advisors LLC now owns 351 shares of the company's stock valued at $34,000 after acquiring an additional 223 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of QuidelOrtho by 1,871.8% during the 1st quarter. GAMMA Investing LLC now owns 1,400 shares of the company's stock worth $67,000 after purchasing an additional 1,329 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in shares of QuidelOrtho by 48.6% during the 1st quarter. First Horizon Advisors Inc. now owns 822 shares of the company's stock worth $73,000 after purchasing an additional 269 shares during the last quarter. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

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.