QuidelOrtho (NASDAQ:QDEL) Stock Price Down 8% - What's Next?

Key Points

• QuidelOrtho shares fell 8% to about $10.96 in Thursday’s mid-day trading, with trading volume roughly 79% below its daily average.
• Analysts’ consensus rating is “Reduce”—four rate the stock Hold and two Sell—with an average price target of $13.62.
• Quarterly EPS of $0.31 beat estimates of $0.18, but revenue of $618.9 million missed forecasts and declined 11.6% year over year.

QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) shares dropped 8% during mid-day trading on Thursday. The company traded as low as $11.11 and last traded at $10.9550. Approximately 373,744 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,810,103 shares. The stock had previously closed at $11.91.

Analysts Set New Price Targets

QDEL has been the topic of a number of research analyst reports. Weiss Ratings restated 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 report on Friday, October 9th. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $13.62.

QuidelOrtho Price Performance

The company has a debt-to-equity ratio of 1.40, a current ratio of 1.36 and a quick ratio of 0.75. The firm has a market capitalization of $751.31 million, a price-to-earnings ratio of -2.02 and a beta of 0.77. The stock has a 50 day moving average price of $12.44 and a two-hundred day moving average price of $15.69.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its earnings results on Tuesday, November 3rd. The company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.13. The company had revenue of $618.90 million during the quarter, compared to analysts' expectations of $627.83 million. QuidelOrtho had a positive return on equity of 3.22% and a negative net margin of 14.24%. QuidelOrtho's revenue for the quarter was down 11.6% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. As a group, analysts expect that QuidelOrtho Corporation will post 0.66 EPS for the current year.

Hedge Funds Weigh In On QuidelOrtho

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in QuidelOrtho in the second quarter valued at approximately $196,212,000. Paradigm Capital Management Inc. NY acquired a new position in QuidelOrtho in the second quarter valued at $44,168,000. Newtyn Management LLC increased its position in shares of QuidelOrtho by 45.3% during the second quarter. Newtyn Management LLC now owns 6,625,000 shares of the company's stock worth $116,037,000 after purchasing an additional 2,066,528 shares in the last quarter. Rice Hall James & Associates LLC acquired a new stake in shares of QuidelOrtho in the 2nd quarter valued at about $18,628,000. Finally, Private Management Group Inc. lifted its stake in QuidelOrtho by 49.5% in the second quarter. Private Management Group Inc. now owns 2,070,391 shares of the company's stock valued at $36,263,000 after buying an additional 685,622 shares during the last quarter. Institutional investors and hedge funds own 99.00% of the company's stock.

About QuidelOrtho

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.