QuidelOrtho (NASDAQ:QDEL) Trading 9.5% Higher

QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report) shot up 9.5% during mid-day trading on Tuesday . The company traded as high as $46.50 and last traded at $46.11. 909,814 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 994,032 shares. The stock had previously closed at $42.11.

Wall Street Analyst Weigh In

QDEL has been the subject of several research analyst reports. UBS Group reissued a "sell" rating and issued a $42.00 price objective (down from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. William Blair reaffirmed a "market perform" rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. Craig Hallum reiterated a "hold" rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. Raymond James restated an "outperform" rating and issued a $76.00 price target (down from $100.00) on shares of QuidelOrtho in a report on Wednesday, February 14th. Finally, Royal Bank of Canada dropped their price objective on shares of QuidelOrtho from $81.00 to $68.00 and set an "outperform" rating on the stock in a report on Thursday, May 9th. Two investment 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. Based on data from MarketBeat, QuidelOrtho currently has an average rating of "Hold" and a consensus price target of $59.00.

QuidelOrtho Price Performance

The stock has a market capitalization of $2.96 billion, a P/E ratio of -1.75 and a beta of 0.17. The business's 50 day simple moving average is $43.71 and its two-hundred day simple moving average is $57.62. The company has a quick ratio of 0.81, a current ratio of 1.55 and a debt-to-equity ratio of 0.68.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $1.17 earnings per share for the quarter, missing the consensus estimate of $2.01 by ($0.84). The business had revenue of $742.60 million during the quarter, compared to the consensus estimate of $796.91 million. QuidelOrtho had a negative net margin of 61.65% and a positive return on equity of 3.96%. QuidelOrtho's revenue was down 14.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.74 EPS. As a group, sell-side analysts forecast that QuidelOrtho Co. will post 2.23 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Joseph M. Busky purchased 2,150 shares of the firm's stock in a transaction that occurred on 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 completion of the acquisition, the chief financial officer now 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 Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On QuidelOrtho

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of QuidelOrtho by 0.8% during the first quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company's stock valued at $233,906,000 after acquiring an additional 37,733 shares during the last quarter. Senvest Management LLC increased its position in shares of QuidelOrtho by 7.6% during the 3rd quarter. Senvest Management LLC now owns 3,330,278 shares of the company's stock valued at $243,244,000 after purchasing an additional 235,000 shares during the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of QuidelOrtho by 69.1% during the 3rd quarter. Burgundy Asset Management Ltd. now owns 1,350,032 shares of the company's stock worth $98,606,000 after purchasing an additional 551,524 shares during the period. Rubric Capital Management LP raised its stake in shares of QuidelOrtho by 230.6% during the 4th quarter. Rubric Capital Management LP now owns 980,063 shares of the company's stock worth $72,231,000 after purchasing an additional 683,637 shares during the period. Finally, LGT Capital Partners LTD. boosted its holdings in shares of QuidelOrtho by 69.9% in the 4th quarter. LGT Capital Partners LTD. now owns 954,466 shares of the company's stock worth $70,344,000 after buying an additional 392,790 shares during the last quarter. Hedge funds and other institutional investors own 99.00% of the company's stock.

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.

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