QuidelOrtho (NASDAQ:QDEL) Trading Down 4.7% - Here's Why

QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) shares traded down 4.7% during mid-day trading on Monday . The company traded as low as $28.88 and last traded at $28.92. 58,494 shares were traded during trading, a decline of 95% from the average session volume of 1,141,952 shares. The stock had previously closed at $30.34.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a report on Thursday, May 8th. JPMorgan Chase & Co. dropped their price objective on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a report on Monday, April 21st. UBS Group dropped their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, Wall Street Zen upgraded QuidelOrtho from a "hold" rating to a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, QuidelOrtho has a consensus rating of "Moderate Buy" and an average target price of $44.33.

QuidelOrtho Stock Down 3.2%

The firm has a market capitalization of $1.80 billion, a PE ratio of -5.37 and a beta of 0.07. The company has a fifty day simple moving average of $30.53 and a two-hundred day simple moving average of $34.75. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.66 and a current ratio of 1.20.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.13. QuidelOrtho had a positive return on equity of 4.71% and a negative net margin of 12.07%. The business had revenue of $692.80 million during the quarter, compared to analysts' expectations of $694.97 million. During the same period in the prior year, the business earned $0.44 EPS. The business's revenue for the quarter was down 2.6% compared to the same quarter last year. Analysts forecast that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.

Institutional Investors Weigh In On QuidelOrtho

Hedge funds have recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new stake in shares of QuidelOrtho during the 1st quarter worth $36,000. Quarry LP purchased a new stake in shares of QuidelOrtho during the 4th quarter worth $43,000. True Wealth Design LLC lifted its stake in shares of QuidelOrtho by 300.7% during the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after purchasing an additional 806 shares during the last quarter. Bfsg LLC lifted its stake in shares of QuidelOrtho by 6.8% during the 2nd quarter. Bfsg LLC now owns 5,460 shares of the company's stock worth $157,000 after purchasing an additional 347 shares during the last quarter. Finally, State of Wyoming purchased a new stake in shares of QuidelOrtho during the 4th quarter worth $164,000. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

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.