QuidelOrtho (NASDAQ:QDEL) Shares Down 5.7% - What's Next?

Key Points

• QuidelOrtho shares fell 5.7% to approximately $16.70, with trading volume down 96% from the average session.
• Analysts remain cautious: the stock has a consensus “Reduce” rating and a $13.62 average price target, below its recent trading level.
• The company missed quarterly expectations, reporting a $0.04 loss per share versus an expected $0.37 profit, while revenue fell 10.5% year over year to $619.8 million.

Shares of QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) dropped 5.7% during trading on Tuesday . The company traded as low as $16.75 and last traded at $16.6990. Approximately 77,274 shares were traded during trading, a decline of 96% from the average session volume of 1,746,195 shares. The stock had previously closed at $17.71.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on QDEL shares. UBS Group restated a "neutral" rating and set a $12.00 price target on shares of QuidelOrtho in a report on Thursday, May 7th. Jefferies Financial Group reiterated a "hold" rating on shares of QuidelOrtho in a report on Monday, June 29th. Zacks Research upgraded QuidelOrtho from a "strong sell" rating to a "hold" rating in a research report on Monday, June 15th. Wall Street Zen raised QuidelOrtho from a "sell" rating to a "hold" rating in a research note on Sunday, June 28th. Finally, Citigroup lifted their target price on QuidelOrtho from $13.00 to $18.00 and gave the company a "neutral" rating in a research report on Wednesday, July 8th. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, QuidelOrtho presently has a consensus rating of "Reduce" and a consensus price target of $13.62.

QuidelOrtho Stock Down 3.0%

The business's 50 day moving average price is $15.49 and its 200-day moving average price is $17.95. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.80 and a current ratio of 1.43. The firm has a market capitalization of $1.17 billion, a PE ratio of -0.96 and a beta of 0.68.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.41). The company had revenue of $619.80 million for the quarter, compared to analysts' expectations of $665.23 million. QuidelOrtho had a positive return on equity of 4.25% and a negative net margin of 45.57%.The business's revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.74 EPS. As a group, equities research analysts forecast that QuidelOrtho Corporation will post 1.87 earnings per share for the current year.

Institutional Trading of QuidelOrtho

Several hedge funds have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. grew its holdings in shares of QuidelOrtho by 7.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,832,098 shares of the company's stock valued at $337,925,000 after purchasing an additional 819,908 shares in the last quarter. Invesco Ltd. grew its stake in shares of QuidelOrtho by 19.4% in the fourth quarter. Invesco Ltd. now owns 3,470,656 shares of the company's stock worth $99,122,000 after acquiring an additional 563,893 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of QuidelOrtho by 7.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,048,768 shares of the company's stock worth $50,085,000 after acquiring an additional 212,481 shares during the period. State Street Corp raised its stake in shares of QuidelOrtho by 1.3% in the fourth quarter. State Street Corp now owns 2,704,355 shares of the company's stock valued at $77,236,000 after acquiring an additional 35,616 shares in the last quarter. Finally, Newtyn Management LLC raised its stake in shares of QuidelOrtho by 58.3% in the third quarter. Newtyn Management LLC now owns 2,700,000 shares of the company's stock valued at $79,515,000 after acquiring an additional 994,332 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company's stock.

QuidelOrtho Company Profile

QuidelOrtho is a global diagnostics company formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics. The combined entity develops, manufactures and markets a broad portfolio of rapid and high-throughput diagnostic solutions across immunoassay, molecular diagnostics and transfusion medicine. Its offerings span point-of-care platforms for acute care testing as well as large-scale automated systems designed for clinical laboratories and blood banks.

The company's product range includes rapid antigen and antibody tests for infectious diseases, molecular assays utilizing nucleic acid amplification technology, and integrated immunodiagnostic analyzers.

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