QuidelOrtho (NASDAQ:QDEL) Hits New 1-Year Low After Insider Selling

QuidelOrtho Co. (NASDAQ:QDEL)’s stock price reached a new 52-week low on Tuesday following insider selling activity. The stock traded as low as $31.30 and last traded at $31.48, with a volume of 21720 shares. The stock had previously closed at $31.63.

Specifically, major shareholder Carlyle Group Inc. sold 81,110 shares of QuidelOrtho stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $32.21, for a total transaction of $2,612,553.10. Following the transaction, the insider now owns 11,439,641 shares of the company’s stock, valued at approximately $368,470,836.61. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders have sold 645,335 shares of company stock valued at $22,646,564. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Royal Bank of Canada lowered their target price on QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $59.00.

QuidelOrtho Stock Performance

The firm has a 50 day moving average price of $39.94 and a 200-day moving average price of $50.90. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.55. The company has a market cap of $2.08 billion, a P/E ratio of -1.18 and a beta of 0.07.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results on Wednesday, May 8th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). QuidelOrtho had a positive return on equity of 3.96% and a negative net margin of 61.65%. The company had revenue of $711.00 million for the quarter, compared to the consensus estimate of $697.33 million. On average, research analysts predict that QuidelOrtho Co. will post 1.85 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its position in QuidelOrtho by 27.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock worth $59,000 after buying an additional 378 shares during the period. Headlands Technologies LLC acquired a new stake in shares of QuidelOrtho during the 1st quarter worth about $86,000. Cetera Trust Company N.A bought a new position in QuidelOrtho during the 4th quarter valued at about $108,000. EMC Capital Management acquired a new position in QuidelOrtho in the first quarter valued at about $117,000. Finally, CWM LLC grew its stake in QuidelOrtho by 1,536.0% during the first quarter. CWM LLC now owns 2,814 shares of the company’s stock worth $135,000 after buying an additional 2,642 shares during the last quarter. 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.