QuidelOrtho (NASDAQ:QDEL) Posts Quarterly Earnings Results, Beats Estimates By $0.11 EPS

Key Points

• QuidelOrtho reported earnings of $0.12 per share, surpassing analysts' expectations by $0.11.
• The company's stock fell to $23.68 following the earnings announcement, with a significant trading volume of 2.2 million shares.
• Analysts have mixed ratings on the stock, with a consensus price target of $44.33, but some firms downgraded their price objectives significantly.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.11, Zacks reports. QuidelOrtho had a positive return on equity of 5.29% and a negative net margin of 16.10%. The business had revenue of $613.90 million during the quarter, compared to analysts' expectations of $612.36 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. The firm's quarterly revenue was down 3.6% compared to the same quarter last year.

QuidelOrtho Stock Down 1.4%

QDEL stock traded down $0.35 during mid-day trading on Friday, reaching $24.05. The company had a trading volume of 279,196 shares, compared to its average volume of 1,326,904. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of -3.68 and a beta of -0.04. QuidelOrtho has a 52 week low of $22.05 and a 52 week high of $49.45. The stock has a 50 day simple moving average of $28.07 and a two-hundred day simple moving average of $32.62. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.12 and a quick ratio of 0.66.

Analyst Ratings Changes

QDEL has been the topic of several analyst reports. UBS Group cut their target price on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a report on Thursday. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective on the stock in a report on Thursday, May 8th. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Citigroup dropped their target price on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. cut their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, QuidelOrtho presently has an average rating of "Hold" and a consensus price target of $42.17.

Institutional Investors Weigh In On QuidelOrtho

Several large investors have recently made changes to their positions in the stock. Focus Partners Wealth increased its holdings in shares of QuidelOrtho by 210.9% during the 1st quarter. Focus Partners Wealth now owns 20,454 shares of the company's stock worth $715,000 after acquiring an additional 13,876 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in QuidelOrtho by 10.6% during the first 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 period. Finally, Royal Bank of Canada increased its holdings in shares of QuidelOrtho by 1,218.7% in the first quarter. Royal Bank of Canada now owns 80,193 shares of the company's stock valued at $2,803,000 after purchasing an additional 74,112 shares during the last quarter. Institutional investors and hedge funds 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.