QuidelOrtho (NASDAQ:QDEL) Trading Down 4.2% - Should You Sell?

Key Points

• QuidelOrtho's stock price dropped 4.2%, trading at $26.29, with only 153,880 shares exchanged—an 88% drop from the average trading volume.
• Analysts have recently downgraded QuidelOrtho, with Wall Street Zen changing its rating from "buy" to "hold," while Citigroup and UBS Group adjusted their target prices downwards.
• The company reported earnings of $0.12 per share, significantly outperforming expectations, yet witnessed a 3.6% decline in revenue year-over-year, amounting to $613.9 million.

QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) traded down 4.2% during mid-day trading on Wednesday . The company traded as low as $26.47 and last traded at $26.29. 153,880 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 1,301,925 shares. The stock had previously closed at $27.44.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Wall Street Zen cut shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Citigroup reduced their target price on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Finally, UBS Group reduced their target price on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $39.20.

QuidelOrtho Trading Down 3.1%

The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -4.08 and a beta of 0.14. The business's 50-day simple moving average is $26.76 and its 200-day simple moving average is $29.27.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.11. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. The company had revenue of $613.90 million for the quarter, compared to the consensus estimate of $612.36 million. During the same period in the prior year, the company posted ($0.07) EPS. The company's revenue was down 3.6% compared to the same quarter last year. On average, research analysts expect that QuidelOrtho Corporation will post 2.3 earnings per share for the current fiscal year.

Institutional Trading of QuidelOrtho

Hedge funds have recently modified their holdings of the company. Summit Securities Group LLC acquired a new stake in shares of QuidelOrtho in the 1st quarter valued at approximately $36,000. Allworth Financial LP raised its holdings in QuidelOrtho by 2,460.9% during the 2nd quarter. Allworth Financial LP now owns 1,178 shares of the company's stock worth $34,000 after buying an additional 1,132 shares during the period. Quarry LP raised its holdings in QuidelOrtho by 47.1% during the 1st quarter. Quarry LP now owns 1,436 shares of the company's stock worth $50,000 after buying an additional 460 shares during the period. Blue Trust Inc. raised its holdings in QuidelOrtho by 46.4% during the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company's stock worth $57,000 after buying an additional 623 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in QuidelOrtho by 250.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,230 shares of the company's stock worth $93,000 after buying an additional 2,309 shares during the period. 99.00% of the stock is currently owned by institutional investors and hedge funds.

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.

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