QuidelOrtho Co. (NASDAQ:QDEL) Receives $44.33 Average Target Price from Analysts

QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report) has been assigned a consensus recommendation of "Hold" from the seven ratings firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $44.33.

Several research firms recently commented on QDEL. Wall Street Zen lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. UBS Group reduced their price target on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Jefferies Financial Group raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a research note on Thursday, May 8th. Royal Bank of Canada reduced their target price on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. dropped their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Monday, April 21st.

Hedge Funds Weigh In On QuidelOrtho

A number of hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers boosted its holdings in shares of QuidelOrtho by 0.6% in the 1st quarter. Rhumbline Advisers now owns 129,025 shares of the company's stock valued at $4,512,000 after purchasing an additional 770 shares during the last quarter. Focus Partners Wealth lifted its holdings in QuidelOrtho by 210.9% in the 1st quarter. Focus Partners Wealth now owns 20,454 shares of the company's stock worth $715,000 after buying an additional 13,876 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of QuidelOrtho by 10.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 228,398 shares of the company's stock worth $7,987,000 after purchasing an additional 21,968 shares during the last quarter. Clearline Capital LP increased its position in shares of QuidelOrtho by 5.4% in the 1st quarter. Clearline Capital LP now owns 121,366 shares of the company's stock worth $4,244,000 after purchasing an additional 6,219 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of QuidelOrtho in the 1st quarter worth about $411,000. Institutional investors and hedge funds own 99.00% of the company's stock.

QuidelOrtho Price Performance

Shares of QDEL traded down $0.10 during mid-day trading on Friday, hitting $30.65. The company's stock had a trading volume of 1,323,678 shares, compared to its average volume of 1,083,495. QuidelOrtho has a 1-year low of $23.77 and a 1-year high of $49.45. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $2.07 billion, a P/E ratio of -1.01 and a beta of 0.13. The firm has a 50-day simple moving average of $29.96 and a 200 day simple moving average of $37.35.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.13. The company had revenue of $692.80 million during the quarter, compared to analysts' expectations of $694.97 million. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. The firm's quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the company posted $0.44 earnings per share. Analysts predict that QuidelOrtho will post 2.3 EPS for the current fiscal year.

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.