QuidelOrtho (NASDAQ:QDEL) Stock Price Down 2.4% – Here’s What Happened

QuidelOrtho Co. (NASDAQ:QDEL) shares fell 2.4% during mid-day trading on Wednesday . The stock traded as low as $39.24 and last traded at $39.25. 161,401 shares changed hands during trading, a decline of 84% from the average session volume of 999,342 shares. The stock had previously closed at $40.20.

Analyst Ratings Changes

QDEL has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 price target on shares of QuidelOrtho in a research note on Friday, August 16th. UBS Group began coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They set a “neutral” rating and a $50.00 price target for the company. Finally, Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and raised their target price for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $58.83.

QuidelOrtho Trading Down 1.2 %

The stock has a market cap of $2.66 billion, a PE ratio of -1.52 and a beta of 0.09. The stock has a fifty day moving average price of $43.62 and a 200 day moving average price of $40.74. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.15. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The business had revenue of $637.00 million for the quarter, compared to the consensus estimate of $613.51 million. During the same period last year, the business posted $0.26 EPS. The business’s revenue was down 4.2% compared to the same quarter last year. Equities analysts expect that QuidelOrtho Co. will post 1.77 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Carlyle Group Inc. sold 78,180 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $39.94, for a total value of $3,122,509.20. Following the completion of the transaction, the insider now directly owns 8,441,022 shares in the company, valued at $337,134,418.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 1,208,321 shares of company stock valued at $47,059,086. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On QuidelOrtho

A number of hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp raised its stake in QuidelOrtho by 907.3% in the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock valued at $27,000 after purchasing an additional 744 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of QuidelOrtho by 1,871.8% in the first quarter. GAMMA Investing LLC now owns 1,400 shares of the company’s stock worth $67,000 after buying an additional 1,329 shares in the last quarter. Headlands Technologies LLC acquired a new position in QuidelOrtho during the first quarter worth about $86,000. EMC Capital Management purchased a new stake in QuidelOrtho during the 1st quarter valued at about $117,000. Finally, CWM LLC raised its holdings in QuidelOrtho by 1,536.0% in the 1st quarter. CWM LLC now owns 2,814 shares of the company’s stock valued at $135,000 after acquiring an additional 2,642 shares during the last quarter. Hedge funds and other 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.