QuidelOrtho (NASDAQ:QDEL) Reaches New 1-Year Low After Analyst Downgrade

QuidelOrtho Co. (NASDAQ:QDEL - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $38.00 to $25.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. QuidelOrtho traded as low as $23.77 and last traded at $24.56, with a volume of 1460115 shares. The stock had previously closed at $25.17.

Several other research analysts also recently issued reports on QDEL. StockNews.com downgraded shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, February 15th. UBS Group upped 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, Royal Bank of Canada reduced their price objective on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $46.83.

Institutional Investors Weigh In On QuidelOrtho

Several large investors have recently modified their holdings of QDEL. Principal Financial Group Inc. grew its position in shares of QuidelOrtho by 64.5% during the 3rd quarter. Principal Financial Group Inc. now owns 272,037 shares of the company's stock worth $12,405,000 after buying an additional 106,642 shares during the period. Moody National Bank Trust Division grew its holdings in QuidelOrtho by 126.5% during the 4th quarter. Moody National Bank Trust Division now owns 37,868 shares of the company's stock worth $1,687,000 after acquiring an additional 21,147 shares during the period. Pallas Capital Advisors LLC bought a new stake in shares of QuidelOrtho during the 4th quarter valued at $433,000. Oak Thistle LLC acquired a new position in shares of QuidelOrtho in the 4th quarter valued at $301,000. Finally, Merit Financial Group LLC bought a new position in shares of QuidelOrtho in the 4th quarter worth $301,000. 99.00% of the stock is currently owned by institutional investors.

QuidelOrtho Trading Up 1.1 %

The business has a 50 day moving average of $33.62 and a 200 day moving average of $38.90. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of -0.93 and a beta of 0.43.

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

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.