QuidelOrtho (NASDAQ:QDEL) Given New $40.00 Price Target at Citigroup

Key Points

• Citigroup has lowered its price target for QuidelOrtho (NASDAQ:QDEL) from $50.00 to $40.00, maintaining a "buy" rating, indicating a potential upside of 70.65% from the current price.
• Other analysts have mixed views, with UBS Group setting a new target of $29.00 with a "neutral" rating, while Jefferies upgraded their target to $44.00.
• QuidelOrtho reported earnings of $0.12 per share, exceeding estimates, but saw a year-over-year revenue drop of 3.6% to $613.90 million.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) had its price objective dropped by research analysts at Citigroup from $50.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price target would indicate a potential upside of 70.65% from the stock's current price.

A number of other equities analysts also recently issued reports on QDEL. UBS Group decreased their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target for the company in a report on Thursday, May 8th. Wall Street Zen downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, JPMorgan Chase & Co. reduced their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $42.67.

QuidelOrtho Price Performance

QDEL traded down $0.24 during midday trading on Wednesday, hitting $23.44. The stock had a trading volume of 2,751,902 shares, compared to its average volume of 1,331,124. The company has a market cap of $1.59 billion, a P/E ratio of -4.72 and a beta of -0.04. The business has a fifty day moving average of $28.36 and a 200 day moving average of $32.81. 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 1 year low of $22.05 and a 1 year high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.11. QuidelOrtho had a positive return on equity of 4.71% and a negative net margin of 12.07%. The firm had revenue of $613.90 million during the quarter, compared to the consensus estimate of $612.36 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The business's revenue was down 3.6% on a year-over-year basis. As a group, equities analysts forecast that QuidelOrtho will post 2.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Hussman Strategic Advisors Inc. purchased a new position in QuidelOrtho in the second quarter worth about $1,210,000. Bank of New York Mellon Corp lifted its position in shares of QuidelOrtho by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 428,432 shares of the company's stock valued at $12,347,000 after buying an additional 12,668 shares in the last quarter. Bank of Montreal Can lifted its position in shares of QuidelOrtho by 5.4% during the 2nd quarter. Bank of Montreal Can now owns 15,722 shares of the company's stock valued at $453,000 after buying an additional 810 shares in the last quarter. Lightrock Netherlands B.V. lifted its position in shares of QuidelOrtho by 27.8% during the 2nd quarter. Lightrock Netherlands B.V. now owns 466,000 shares of the company's stock valued at $13,430,000 after buying an additional 101,423 shares in the last quarter. Finally, Brighton Jones LLC purchased a new position in shares of QuidelOrtho during the 2nd quarter valued at about $384,000. 99.00% of the stock is owned by hedge funds and other institutional investors.

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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