QuidelOrtho (NASDAQ:QDEL) Stock Price Down 4.7% - Here's What Happened

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

Analyst Upgrades and Downgrades

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

QuidelOrtho Stock Performance

The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -5.82 and a beta of 0.07. The company has a quick ratio of 0.66, a current ratio of 1.20 and a debt-to-equity ratio of 0.70. The stock has a fifty day moving average price of $30.43 and a 200-day moving average price of $34.95.

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

Hedge Funds Weigh In On QuidelOrtho

Several large investors have recently added to or reduced their stakes in the business. Sterling Capital Management LLC increased its stake in QuidelOrtho by 75.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock worth $166,000 after acquiring an additional 1,601 shares during the last quarter. Yousif Capital Management LLC boosted its holdings in QuidelOrtho by 2.9% in the first quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock valued at $907,000 after purchasing an additional 734 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in QuidelOrtho by 108.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 71,012 shares of the company's stock worth $2,483,000 after buying an additional 36,867 shares during the last quarter. Raymond James Financial Inc. bought a new position in QuidelOrtho during the 4th quarter worth approximately $2,169,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in QuidelOrtho by 20.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 881,535 shares of the company's stock worth $39,272,000 after buying an additional 148,735 shares during the last quarter. 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.

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