QuidelOrtho (NASDAQ:QDEL) Shares Break Below 50 Day Moving Average - Time to Sell?

Key Points

• QuidelOrtho shares fell below their 50-day moving average, trading as low as $10.66 and last at $10.70, versus a 50-day average of $12.59.
• Analysts give the stock an average “Reduce” rating, with four Holds and two Sells; the consensus price target is $13.62.
• The latest quarter’s EPS of $0.31 beat estimates of $0.18, but revenue missed expectations and declined 11.6% year over year.

QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report)'s stock price crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $12.59 and traded as low as $10.66. QuidelOrtho shares last traded at $10.70, with a volume of 2,816,779 shares trading hands.

Analyst Upgrades and Downgrades

QDEL has been the subject of several research analyst reports. Weiss Ratings reiterated a "sell (e+)" rating on shares of QuidelOrtho in a research report on Thursday, October 15th. Zacks Research upgraded shares of QuidelOrtho from a "strong sell" rating to a "hold" rating in a research report on Friday, October 9th. Four investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $13.62.

QuidelOrtho Stock Performance

The stock has a fifty day simple moving average of $12.59 and a two-hundred day simple moving average of $15.96. The firm has a market capitalization of $733.70 million, a P/E ratio of -1.98 and a beta of 0.77. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.39 and a quick ratio of 0.76.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.13. QuidelOrtho had a positive return on equity of 4.88% and a negative net margin of 39.20%. The company had revenue of $618.90 million during the quarter, compared to analyst estimates of $627.83 million. During the same quarter last year, the company earned $0.80 EPS. The firm's revenue for the quarter was down 11.6% on a year-over-year basis. On average, research analysts predict that QuidelOrtho Corporation will post 0.68 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in QuidelOrtho in the second quarter worth $196,212,000. Newtyn Management LLC boosted its holdings in shares of QuidelOrtho by 45.3% in the 2nd quarter. Newtyn Management LLC now owns 6,625,000 shares of the company's stock valued at $116,037,000 after purchasing an additional 2,066,528 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in QuidelOrtho by 7.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,048,768 shares of the company's stock worth $50,085,000 after acquiring an additional 212,481 shares in the last quarter. Paradigm Capital Management Inc. NY bought a new stake in shares of QuidelOrtho during the 2nd quarter worth about $44,168,000. Finally, Private Management Group Inc. lifted its position in QuidelOrtho by 10.6% in the 3rd quarter. Private Management Group Inc. now owns 2,290,299 shares of the company's stock worth $24,140,000 after buying an additional 219,908 shares in the last quarter. 99.00% of the stock is owned by institutional investors.

QuidelOrtho Company Profile

QuidelOrtho Corporation NASDAQ: QDEL is a global in vitro diagnostics company formed through the combination of Quidel Corporation and Ortho Clinical Diagnostics, a transaction completed in 2022. The company develops, manufactures and markets diagnostic technologies used to detect disease, guide treatment decisions and support blood-transfusion safety.

Its portfolio includes rapid immunoassays, molecular testing systems, clinical chemistry and immunohematology products, as well as laboratory automation solutions.

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