QuidelOrtho (NASDAQ:QDEL) Downgraded to Strong Sell Rating by Zacks Research

Key Points

• QuidelOrtho has been downgraded to a "strong sell" rating by Zacks Research, reflecting deteriorating analyst sentiment regarding the company's stock.
• Several analysts, including UBS and Citigroup, have also lowered their price targets for QuidelOrtho, indicating a general bearish outlook on the stock.
• QuidelOrtho's recent earnings report showed a negative net margin of 16.10%, with a year-over-year revenue decline of 3.6%, further complicating its financial prospects.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Monday,Zacks.com reports.

Several other analysts have also weighed in on QDEL. UBS Group lowered their price objective on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Citigroup reiterated a "neutral" rating and set a $33.00 target price (down previously from $40.00) on shares of QuidelOrtho in a research report on Tuesday, October 7th. Wall Street Zen downgraded shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of QuidelOrtho in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $37.80.

QuidelOrtho Stock Down 0.5%

QuidelOrtho stock opened at $26.17 on Monday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. QuidelOrtho has a 52-week low of $22.05 and a 52-week high of $49.45. The firm has a 50 day moving average price of $27.66 and a two-hundred day moving average price of $28.47. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -4.00 and a beta of 0.27.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.11. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. The firm had revenue of $613.90 million during the quarter, compared to analyst estimates of $612.36 million. During the same quarter last year, the business earned ($0.07) EPS. The company's revenue was down 3.6% compared to the same quarter last year. Equities analysts predict that QuidelOrtho will post 2.3 EPS for the current year.

Hedge Funds Weigh In On QuidelOrtho

Institutional investors have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. raised its position in QuidelOrtho by 1.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 11,447,188 shares of the company's stock worth $400,309,000 after acquiring an additional 208,362 shares during the period. Invesco Ltd. increased its position in shares of QuidelOrtho by 10.6% during the first quarter. Invesco Ltd. now owns 3,813,833 shares of the company's stock valued at $133,370,000 after buying an additional 366,387 shares during the period. State Street Corp increased its position in shares of QuidelOrtho by 23.3% during the second quarter. State Street Corp now owns 2,700,940 shares of the company's stock valued at $77,841,000 after buying an additional 510,291 shares during the period. AQR Capital Management LLC increased its position in shares of QuidelOrtho by 230.3% during the first quarter. AQR Capital Management LLC now owns 2,655,576 shares of the company's stock valued at $90,130,000 after buying an additional 1,851,590 shares during the period. Finally, American Century Companies Inc. increased its position in shares of QuidelOrtho by 20.6% in the second quarter. American Century Companies Inc. now owns 1,915,648 shares of the company's stock worth $55,209,000 after purchasing an additional 327,003 shares during the last quarter. Institutional investors own 99.00% of the company's stock.

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.

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