QuidelOrtho (NASDAQ:QDEL) Shares Climb 4.4% - Still a Buy?

Key Points

• QuidelOrtho shares rose 4.4% to about $11.09, though trading volume was 89% below its average.
• Analysts remain cautious: the consensus rating is “Reduce”, based on four Hold and two Sell ratings, with an average price target of $13.62.
• The latest quarter’s EPS of $0.31 beat estimates, but revenue missed expectations and fell 11.6% year over year; the company also reported a negative net margin.

Shares of QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) traded up 4.4% during trading on Friday. The company traded as high as $10.74 and last traded at $11.0880. 206,045 shares changed hands during trading, a decline of 89% from the average session volume of 1,807,546 shares. The stock had previously closed at $10.62.

Analysts Set New Price Targets

Several research analysts have weighed in on QDEL shares. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of QuidelOrtho in a 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 equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $13.62.

QuidelOrtho Stock Up 1.0%

The company has a current ratio of 1.36, a quick ratio of 0.75 and a debt-to-equity ratio of 1.40. The firm has a 50 day moving average price of $12.37 and a 200-day moving average price of $15.60. The firm has a market cap of $736.19 million, a price-to-earnings ratio of -1.98 and a beta of 0.77.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.13. QuidelOrtho had a negative net margin of 14.24% and a positive return on equity of 3.22%. The firm had revenue of $618.90 million for the quarter, compared to analysts' expectations of $627.83 million. During the same period in the prior year, the company earned $0.80 EPS. The firm's revenue was down 11.6% on a year-over-year basis. On average, equities analysts forecast that QuidelOrtho Corporation will post 0.66 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC lifted its stake in QuidelOrtho by 111.3% in the 3rd quarter. Global Retirement Partners LLC now owns 2,628 shares of the company's stock valued at $28,000 after buying an additional 1,384 shares in the last quarter. GAMMA Investing LLC increased its position in QuidelOrtho by 67.7% during the second quarter. GAMMA Investing LLC now owns 2,185 shares of the company's stock worth $38,000 after buying an additional 882 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of QuidelOrtho by 14,166.7% in the second quarter. IFP Advisors Inc now owns 2,568 shares of the company's stock worth $45,000 after acquiring an additional 2,550 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of QuidelOrtho in the second quarter worth $53,000. Finally, Allworth Financial LP acquired a new position in shares of QuidelOrtho in the second quarter worth $56,000. 99.00% of the stock is owned by hedge funds and other institutional investors.

QuidelOrtho Company Profile

QuidelOrtho Corporation develops and manufactures diagnostic testing products used in healthcare settings. Its offerings include tests and instruments for immunoassay, molecular diagnostics, clinical chemistry, and transfusion medicine, as well as rapid tests designed for point-of-care use. The company serves hospitals, clinical laboratories, blood banks, physician offices, and other healthcare providers. Its product lines include the VITROS clinical laboratory systems, ORTHO VISION blood-bank analyzers, and Sofia rapid diagnostic platforms.

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