QuidelOrtho (NASDAQ:QDEL) Hits New 12-Month Low - Here's What Happened

QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report)'s share price hit a new 52-week low on Wednesday . The stock traded as low as $27.35 and last traded at $27.79, with a volume of 1406704 shares trading hands. The stock had previously closed at $28.58.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on QDEL. 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. StockNews.com lowered QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. UBS Group lifted their price target on QuidelOrtho from $43.00 to $45.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. dropped their target price on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, QuidelOrtho presently has a consensus rating of "Hold" and a consensus price target of $46.83.

QuidelOrtho Price Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22. The company has a market capitalization of $1.96 billion, a PE ratio of -0.96 and a beta of 0.43. The stock has a 50 day moving average price of $32.34 and a two-hundred day moving average price of $38.47.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $0.63 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.44). QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. Equities analysts forecast that QuidelOrtho Co. will post 2.3 earnings per share for the current year.

Institutional Trading of QuidelOrtho

A number of institutional investors and hedge funds have recently modified their holdings of QDEL. Quarry LP acquired a new stake in shares of QuidelOrtho in the fourth quarter valued at about $43,000. True Wealth Design LLC lifted its holdings in shares of QuidelOrtho by 300.7% during the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after buying an additional 806 shares during the last quarter. Blue Trust Inc. boosted its position in shares of QuidelOrtho by 188.0% in the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock valued at $58,000 after acquiring an additional 844 shares during the period. Spire Wealth Management acquired a new stake in shares of QuidelOrtho in the fourth quarter worth $74,000. Finally, KBC Group NV increased its position in QuidelOrtho by 122.9% during the fourth quarter. KBC Group NV now owns 3,437 shares of the company's stock worth $153,000 after acquiring an additional 1,895 shares during the period. 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.