QuidelOrtho Corporation (NASDAQ:QDEL) Receives Average Recommendation of "Hold" from Brokerages

Shares of QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) have received a consensus rating of "Hold" from the seven analysts that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $44.33.

Several equities analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. reduced their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Monday, April 21st. Finally, UBS Group reduced their price objective on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th.

QuidelOrtho Stock Down 1.4%

QuidelOrtho stock opened at $27.65 on Tuesday. The company has a 50-day simple moving average of $29.59 and a 200-day simple moving average of $36.30. The firm has a market capitalization of $1.87 billion, a P/E ratio of -5.56 and a beta of 0.10. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.66 and a current ratio of 1.20. QuidelOrtho has a one year low of $23.77 and a one year high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced 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 firm had revenue of $692.80 million during the quarter, compared to analyst estimates of $694.97 million. QuidelOrtho had a negative net margin of 12.07% and a positive return on equity of 4.71%. QuidelOrtho's revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 EPS. As a group, equities analysts expect that QuidelOrtho will post 2.3 earnings per share for the current year.

Institutional Trading of QuidelOrtho

A number of hedge funds have recently bought and sold shares of QDEL. Blue Trust Inc. lifted its stake in QuidelOrtho by 188.0% during the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock valued at $58,000 after buying an additional 844 shares in the last quarter. Rhumbline Advisers lifted its stake in QuidelOrtho by 10.3% during the fourth quarter. Rhumbline Advisers now owns 128,255 shares of the company's stock valued at $5,714,000 after buying an additional 12,026 shares in the last quarter. Principal Financial Group Inc. lifted its stake in QuidelOrtho by 17.3% during the fourth quarter. Principal Financial Group Inc. now owns 319,208 shares of the company's stock valued at $14,221,000 after buying an additional 47,171 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in QuidelOrtho during the fourth quarter valued at about $414,000. Finally, CIBC Asset Management Inc lifted its position in shares of QuidelOrtho by 14.2% in the fourth quarter. CIBC Asset Management Inc now owns 6,564 shares of the company's stock worth $292,000 after purchasing an additional 816 shares in the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

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.

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