QuidelOrtho Corporation (NASDAQ:QDEL) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• QuidelOrtho Corporation has received an average rating of "Hold" from seven brokerages, with one sell, two hold, and four buy ratings, while the average 12-month price target is $42.17.
• Among institutional investors, Sterling Capital Management significantly increased its stake by 75.3% in the fourth quarter, while several other firms also expanded their holdings in the company.
• QuidelOrtho reported an EPS of $0.12 for the last quarter, exceeding estimates, and its revenue of $613.90 million was slightly above expectations, although it marked a 3.6% decrease from the previous year.

Shares of QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) have earned a consensus rating of "Hold" from the seven research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $42.1667.

A number of research analysts have issued reports on the company. Citigroup decreased their target price on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a research report on Thursday, May 8th. JPMorgan Chase & Co. decreased their target price on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. UBS Group decreased their target price on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Finally, Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th.

QuidelOrtho Price Performance

Shares of QDEL traded down $0.02 during trading hours on Wednesday, hitting $25.93. 975,491 shares of the company were exchanged, compared to its average volume of 1,590,945. The company has a market cap of $1.76 billion, a price-to-earnings ratio of -3.96 and a beta of -0.04. QuidelOrtho has a fifty-two week low of $22.05 and a fifty-two week high of $49.45. The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74. The firm's fifty day moving average is $27.48 and its 200 day moving average is $31.74.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.11. QuidelOrtho had a positive return on equity of 5.29% and a negative net margin of 16.10%. The firm had revenue of $613.90 million for the quarter, compared to analysts' expectations of $612.36 million. During the same quarter in the previous year, the business posted ($0.07) earnings per share. The business's revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities analysts anticipate that QuidelOrtho will post 2.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in QuidelOrtho by 2,460.9% during the 2nd quarter. Allworth Financial LP now owns 1,178 shares of the company's stock worth $34,000 after purchasing an additional 1,132 shares in the last quarter. Summit Securities Group LLC purchased a new stake in QuidelOrtho during the 1st quarter worth about $36,000. Quarry LP purchased a new stake in QuidelOrtho during the 4th quarter worth about $43,000. True Wealth Design LLC lifted its holdings in QuidelOrtho by 300.7% during the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after purchasing an additional 806 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in QuidelOrtho by 46.4% during the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company's stock worth $57,000 after purchasing an additional 623 shares in the last quarter. Hedge funds and other institutional investors own 99.00% of the company's stock.

About QuidelOrtho

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.