UBS Group Lowers QuidelOrtho (NASDAQ:QDEL) Price Target to $26.00

Key Points

• UBS Group has reduced its price target for QuidelOrtho (NASDAQ:QDEL) from $29.00 to $26.00, maintaining a "neutral" rating which suggests a potential upside of 10.12% from the current stock price.
• In contrast, Jefferies Financial Group upgraded the stock to a "buy" rating with a target price of $44.00, while other analysts have issued hold and buy ratings, resulting in a consensus rating of "Hold" with a target of $42.17.
• QuidelOrtho recently reported a quarterly earnings per share of $0.12, exceeding analyst estimates, but its revenue fell by 3.6% year over year, indicating mixed financial performance.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) had its price objective lowered by investment analysts at UBS Group from $29.00 to $26.00 in a report released on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. UBS Group's price target suggests a potential upside of 10.12% from the stock's current price.

Several other research analysts also recently commented on the stock. Jefferies Financial Group upgraded shares of QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price on the stock in a report on Thursday, May 8th. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Citigroup dropped their price target on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, QuidelOrtho has a consensus rating of "Hold" and a consensus price target of $42.17.

QuidelOrtho Price Performance

Shares of QuidelOrtho stock traded up $0.17 on Thursday, hitting $23.61. The company had a trading volume of 706,780 shares, compared to its average volume of 1,326,829. QuidelOrtho has a 52 week low of $22.05 and a 52 week high of $49.45. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.20 and a quick ratio of 0.66. The company has a market cap of $1.60 billion, a PE ratio of -3.64 and a beta of -0.04. The business has a 50-day simple moving average of $28.20 and a 200-day simple moving average of $32.74.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.11. QuidelOrtho had a positive return on equity of 5.17% and a negative net margin of 16.10%. The business had revenue of $613.90 million during the quarter, compared to analyst estimates of $612.36 million. During the same period last year, the company posted ($0.07) EPS. The company's revenue was down 3.6% compared to the same quarter last year. Research analysts expect that QuidelOrtho will post 2.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in QDEL. Summit Securities Group LLC bought a new position in QuidelOrtho in the 1st quarter valued at about $36,000. Quarry LP bought a new stake in QuidelOrtho in the 4th quarter valued at $43,000. True Wealth Design LLC boosted its stake in QuidelOrtho by 300.7% in the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after purchasing an additional 806 shares during the period. Blue Trust Inc. grew its holdings in QuidelOrtho by 46.4% in the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company's stock valued at $57,000 after buying an additional 623 shares in the last quarter. Finally, Bfsg LLC increased its position in QuidelOrtho by 6.8% during the 2nd quarter. Bfsg LLC now owns 5,460 shares of the company's stock worth $157,000 after buying an additional 347 shares during the period. 99.00% of the stock is 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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