QuidelOrtho (NASDAQ:QDEL) Trading Down 5.5% - What's Next?

Key Points

• QuidelOrtho's stock (NASDAQ:QDEL) decreased by 5.5% to close at $30.16, with a significant drop in trading volume, down 32% from its average.
• Analyst ratings for QuidelOrtho show a consensus of "Hold" with a price target of $39.20; several firms have recently downgraded their assessments, including Citigroup and UBS Group.
• The company's recent quarterly earnings report revealed a 12 cents EPS, beating estimates, but revenue was down 3.6% year-over-year.

QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) dropped 5.5% on Friday . The company traded as low as $29.70 and last traded at $30.16. Approximately 889,444 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 1,312,615 shares. The stock had previously closed at $31.93.

Analyst Upgrades and Downgrades

QDEL has been the subject of several recent research reports. Citigroup lowered their price objective on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. UBS Group reduced their price target on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Wall Street Zen lowered QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of QuidelOrtho in a report on Saturday, September 27th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $39.20.

QuidelOrtho Stock Performance

The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74. The stock's 50-day moving average price is $27.21 and its 200 day moving average price is $28.91. The company has a market cap of $2.04 billion, a P/E ratio of -4.58 and a beta of 0.27.

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

Institutional Trading of QuidelOrtho

A number of large investors have recently made changes to their positions in the company. Texas Permanent School Fund Corp boosted its stake in QuidelOrtho by 1.9% in the 2nd quarter. Texas Permanent School Fund Corp now owns 30,379 shares of the company's stock worth $876,000 after purchasing an additional 578 shares during the period. Osaic Holdings Inc. lifted its position in shares of QuidelOrtho by 298.1% during the 2nd quarter. Osaic Holdings Inc. now owns 3,300 shares of the company's stock valued at $95,000 after acquiring an additional 2,471 shares during the period. Orion Porfolio Solutions LLC boosted its position in shares of QuidelOrtho by 11.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,551 shares of the company's stock worth $650,000 after acquiring an additional 2,392 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of QuidelOrtho during the 2nd quarter worth $685,000. Finally, State of Wyoming increased its position in QuidelOrtho by 230.5% during the 2nd quarter. State of Wyoming now owns 4,524 shares of the company's stock worth $130,000 after purchasing an additional 3,155 shares in the last quarter. Institutional investors own 99.00% of the company's stock.

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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