QuidelOrtho's (QDEL) Sell (E+) Rating Reaffirmed at Weiss Ratings

Key Points

• QuidelOrtho's stock has been reaffirmed with a "sell (E+)" rating by Weiss Ratings, indicating continued bearish sentiment among analysts.
• UBS Group has reduced its target price for QuidelOrtho shares from $29.00 to $26.00, setting a "neutral" rating, while Citigroup also lowered its target to $33.00.
• The company's latest earnings report exceeded expectations, with an EPS of $0.12, but revenue declined by 3.6% year-over-year, signaling challenges ahead.

QuidelOrtho (NASDAQ:QDEL - Get Free Report)'s stock had its "sell (e+)" rating reiterated by equities researchers at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

A number of other brokerages have also issued reports on QDEL. UBS Group decreased 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. Wall Street Zen lowered shares of QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Citigroup reissued a "neutral" rating and set a $33.00 target price (down previously from $40.00) on shares of QuidelOrtho in a research note on Tuesday. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $37.80.

QuidelOrtho Trading Up 0.6%

Shares of NASDAQ:QDEL opened at $27.86 on Wednesday. The company has a 50 day moving average price of $27.39 and a 200 day moving average price of $28.77. QuidelOrtho has a 1-year low of $22.05 and a 1-year high of $49.45. 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 stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -4.26 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 EPS for the quarter, topping 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 firm had revenue of $613.90 million during the quarter, compared to analyst estimates of $612.36 million. During the same quarter last year, the business posted ($0.07) EPS. The company's revenue was down 3.6% on a year-over-year basis. On average, research analysts anticipate that QuidelOrtho will post 2.3 EPS for the current fiscal year.

Institutional Trading of QuidelOrtho

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP increased its holdings in shares of QuidelOrtho by 2,460.9% during the second quarter. Allworth Financial LP now owns 1,178 shares of the company's stock worth $34,000 after buying an additional 1,132 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of QuidelOrtho during the first quarter valued at approximately $36,000. Quarry LP grew its stake in shares of QuidelOrtho by 47.1% during the first quarter. Quarry LP now owns 1,436 shares of the company's stock valued at $50,000 after purchasing an additional 460 shares during the last quarter. Blue Trust Inc. boosted its stake in QuidelOrtho by 46.4% in the second quarter. Blue Trust Inc. now owns 1,967 shares of the company's stock valued at $57,000 after acquiring an additional 623 shares during the last quarter. Finally, Tableaux LLC bought a new position in QuidelOrtho in the second quarter valued at approximately $93,000. Institutional investors own 99.00% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.