QuidelOrtho (NASDAQ:QDEL) Given New $68.00 Price Target at Royal Bank of Canada

QuidelOrtho (NASDAQ:QDEL - Free Report) had its price objective lowered by Royal Bank of Canada from $81.00 to $68.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research analysts also recently issued reports on the company. UBS Group restated 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. JPMorgan Chase & Co. downgraded shares of QuidelOrtho from a neutral rating to an underweight rating and reduced their price target for the company from $66.00 to $37.00 in a research report on Wednesday, February 14th. Raymond James reissued an outperform rating and set a $76.00 price objective (down from $100.00) on shares of QuidelOrtho in a research report on Wednesday, February 14th. William Blair restated a market perform rating on shares of QuidelOrtho in a research note on Wednesday, February 14th. Finally, Craig Hallum reaffirmed a hold rating on shares of QuidelOrtho in a report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $59.00.

QuidelOrtho Stock Up 2.2 %

QDEL traded up $0.94 on Thursday, reaching $43.62. The company's stock had a trading volume of 1,230,351 shares, compared to its average volume of 1,003,958. The company has a quick ratio of 0.88, a current ratio of 1.57 and a debt-to-equity ratio of 0.45. QuidelOrtho has a fifty-two week low of $37.78 and a fifty-two week high of $90.45. The stock has a 50 day moving average of $43.85 and a two-hundred day moving average of $58.13. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -271.94 and a beta of 0.17.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its earnings results on Tuesday, February 13th. The company reported $1.17 EPS for the quarter, missing analysts' consensus estimates of $2.01 by ($0.84). QuidelOrtho had a negative net margin of 0.34% and a positive return on equity of 5.54%. The company had revenue of $742.60 million during the quarter, compared to analysts' expectations of $796.91 million. During the same period last year, the business earned $1.74 earnings per share. The company's quarterly revenue was down 14.3% on a year-over-year basis. As a group, analysts forecast that QuidelOrtho will post 2.23 EPS for the current fiscal year.

Insider Activity

In other news, CFO Joseph M. Busky purchased 2,150 shares of the business's stock in a transaction that occurred on Friday, February 23rd. The stock was purchased at an average cost of $46.35 per share, with a total value of $99,652.50. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On QuidelOrtho

Hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its holdings in shares of QuidelOrtho by 1,871.8% in the 1st quarter. GAMMA Investing LLC now owns 1,400 shares of the company's stock valued at $67,000 after purchasing an additional 1,329 shares in the last quarter. Headlands Technologies LLC acquired a new position in QuidelOrtho during the first quarter worth about $86,000. Cetera Trust Company N.A purchased a new position in QuidelOrtho in the fourth quarter valued at about $108,000. C M Bidwell & Associates Ltd. acquired a new stake in shares of QuidelOrtho during the 3rd quarter valued at approximately $123,000. Finally, CWM LLC boosted its stake in shares of QuidelOrtho by 1,536.0% during the 1st quarter. CWM LLC now owns 2,814 shares of the company's stock worth $135,000 after acquiring an additional 2,642 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company's stock.

About QuidelOrtho

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.