QuidelOrtho (NASDAQ:QDEL) Reaches New 1-Year Low - Should You Sell?

Key Points

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Shares of QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) reached a new 52-week low during trading on Thursday . The stock traded as low as $23.68 and last traded at $23.81, with a volume of 90894 shares changing hands. The stock had previously closed at $24.29.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Jefferies Financial Group raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a research note on Thursday, May 8th. JPMorgan Chase & Co. decreased their price target 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. Wall Street Zen lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, 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 research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $44.33.

QuidelOrtho Stock Performance

The company has a debt-to-equity ratio of 0.70, a current ratio of 1.20 and a quick ratio of 0.66. The stock has a market cap of $1.54 billion, a P/E ratio of -4.59 and a beta of -0.03. The stock's 50 day simple moving average is $28.63 and its two-hundred day simple moving average is $33.06.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.13. QuidelOrtho had a negative net margin of 12.07% and a positive return on equity of 4.71%. The business had revenue of $692.80 million during the quarter, compared to analyst estimates of $694.97 million. During the same quarter last year, the business earned $0.44 EPS. The firm's quarterly revenue was down 2.6% on a year-over-year basis. As a group, research analysts forecast that QuidelOrtho Corporation will post 2.3 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC grew its stake in shares of QuidelOrtho by 230.3% in the first quarter. AQR Capital Management LLC now owns 2,655,576 shares of the company's stock worth $90,130,000 after acquiring an additional 1,851,590 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of QuidelOrtho by 19.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,238,826 shares of the company's stock worth $500,690,000 after buying an additional 1,840,667 shares during the period. Invesco Ltd. raised its stake in shares of QuidelOrtho by 71.7% in the fourth quarter. Invesco Ltd. now owns 3,447,446 shares of the company's stock worth $153,584,000 after buying an additional 1,439,293 shares during the period. Norges Bank bought a new position in shares of QuidelOrtho in the fourth quarter worth about $34,171,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of QuidelOrtho by 201.6% in the second quarter. Assenagon Asset Management S.A. now owns 941,370 shares of the company's stock worth $27,130,000 after buying an additional 629,246 shares during the period. Hedge funds and other institutional investors own 99.00% of the company's stock.

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.