QuidelOrtho's (QDEL) Neutral Rating Reaffirmed at Citigroup

Key Points

• Citigroup has reaffirmed a "neutral" rating for QuidelOrtho (QDEL) and reduced its price target from $40.00 to $33.00, suggesting an 11.49% upside potential based on the previous close.
• Analyst ratings for QuidelOrtho are mixed, with two analysts offering Buy ratings, three stating Hold, and two advising Sell, leading to a consensus target price of $37.80.
• QuidelOrtho reported a quarterly EPS of $0.12, exceeding expectations, despite a 3.6% decrease in year-over-year revenue and a negative net margin of 16.10%.

QuidelOrtho (NASDAQ:QDEL - Get Free Report)'s stock had its "neutral" rating restated by equities researchers at Citigroup in a report released on Tuesday,Benzinga reports. They presently have a $33.00 price objective on the stock, down from their previous price objective of $40.00. Citigroup's price objective points to a potential upside of 11.49% from the company's previous close.

A number of other brokerages have also weighed in on QDEL. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Weiss Ratings reiterated a "sell (e+)" rating on shares of QuidelOrtho in a research report on Saturday, September 27th. Finally, UBS Group decreased their price target on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $37.80.

QuidelOrtho Price Performance

QuidelOrtho stock opened at $29.60 on Tuesday. The stock has a market capitalization of $2.01 billion, a P/E ratio of -4.53 and a beta of 0.27. QuidelOrtho has a 12-month low of $22.05 and a 12-month high of $49.45. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.12 and a quick ratio of 0.62. The firm's 50-day moving average is $27.28 and its two-hundred day moving average is $28.78.

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 analysts' consensus estimates of $0.01 by $0.11. The business had revenue of $613.90 million during the quarter, compared to analyst estimates of $612.36 million. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. The company's revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) earnings per share. Equities analysts predict that QuidelOrtho will post 2.3 earnings per share for the current year.

Institutional Trading of QuidelOrtho

Large investors have recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in QuidelOrtho by 230.3% during the 1st quarter. AQR Capital Management LLC now owns 2,655,576 shares of the company's stock valued at $90,130,000 after purchasing an additional 1,851,590 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of QuidelOrtho by 201.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 941,370 shares of the company's stock valued at $27,130,000 after buying an additional 629,246 shares during the last quarter. Geode Capital Management LLC grew its position in shares of QuidelOrtho by 46.1% during the second quarter. Geode Capital Management LLC now owns 1,678,670 shares of the company's stock worth $48,385,000 after buying an additional 529,770 shares in the last quarter. State Street Corp increased its stake in shares of QuidelOrtho by 23.3% in the second quarter. State Street Corp now owns 2,700,940 shares of the company's stock worth $77,841,000 after buying an additional 510,291 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in QuidelOrtho by 42.4% in the first quarter. American Century Companies Inc. now owns 1,588,645 shares of the company's stock valued at $55,555,000 after acquiring an additional 473,094 shares in the last quarter. Institutional investors and hedge funds 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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