QuidelOrtho (NASDAQ:QDEL) Raised to Buy at Wall Street Zen

QuidelOrtho (NASDAQ:QDEL - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Friday.

Several other brokerages also recently commented on QDEL. UBS Group reduced their target price on shares of QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Royal Bank of Canada reduced their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Jefferies Financial Group raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price for the company in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. reduced their target price on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $44.33.

QuidelOrtho Stock Down 1.2%

QDEL stock traded down $0.37 during midday trading on Friday, hitting $29.53. The company's stock had a trading volume of 912,123 shares, compared to its average volume of 1,092,128. The company's fifty day moving average price is $29.47 and its 200 day moving average price is $37.09. QuidelOrtho has a twelve month low of $23.77 and a twelve month high of $49.45. The stock has a market capitalization of $2.00 billion, a P/E ratio of -0.98 and a beta of 0.10. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.13. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. The company had revenue of $692.80 million during the quarter, compared to the consensus estimate of $694.97 million. During the same quarter last year, the firm posted $0.44 EPS. The company's quarterly revenue was down 2.6% on a year-over-year basis. As a group, equities research analysts predict that QuidelOrtho will post 2.3 EPS for the current year.

Hedge Funds Weigh In On QuidelOrtho

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP increased its position in QuidelOrtho by 47.1% during the 1st quarter. Quarry LP now owns 1,436 shares of the company's stock worth $50,000 after purchasing an additional 460 shares in the last quarter. Voya Investment Management LLC increased its position in QuidelOrtho by 7.7% during the 4th quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock worth $336,000 after purchasing an additional 538 shares in the last quarter. Corient Private Wealth LLC grew its holdings in QuidelOrtho by 10.6% during the 4th quarter. Corient Private Wealth LLC now owns 6,874 shares of the company's stock worth $306,000 after acquiring an additional 661 shares during the last quarter. Yousif Capital Management LLC grew its holdings in QuidelOrtho by 2.9% during the 1st quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock worth $907,000 after acquiring an additional 734 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in QuidelOrtho by 0.6% during the 1st quarter. Rhumbline Advisers now owns 129,025 shares of the company's stock worth $4,512,000 after acquiring an additional 770 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors and hedge funds.

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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