QuidelOrtho (NASDAQ:QDEL) Now Covered by UBS Group

UBS Group started coverage on shares of QuidelOrtho (NASDAQ:QDEL) in a research report sent to investors on Thursday, Marketbeat reports. The firm issued a neutral rating and a $50.00 price objective on the stock.

Several other equities analysts have also weighed in on QDEL. Craig Hallum raised shares of QuidelOrtho from a hold rating to a buy rating and increased their price objective for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. Royal Bank of Canada restated an outperform rating and set a $61.00 price objective on shares of QuidelOrtho in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, QuidelOrtho has a consensus rating of Hold and a consensus target price of $58.83.

QuidelOrtho Price Performance

Shares of NASDAQ QDEL opened at $45.40 on Thursday. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average price is $41.66 and its two-hundred day moving average price is $41.24. The company has a market cap of $3.04 billion, a PE ratio of -1.72 and a beta of 0.08. QuidelOrtho has a twelve month low of $29.74 and a twelve month high of $75.86.

QuidelOrtho (NASDAQ:QDEL) last posted its earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, topping 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 analyst estimates of $613.51 million. During the same period in the previous year, the firm earned $0.26 EPS. The firm’s revenue was down 4.2% compared to the same quarter last year. On average, analysts predict that QuidelOrtho will post 1.77 EPS for the current year.

Insider Buying and Selling

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 78,180 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $39.94, for a total value of $3,122,509.20. Following the completion of the sale, the insider now owns 8,441,022 shares of the company’s stock, valued at approximately $337,134,418.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 1,902,466 shares of company stock valued at $69,552,560. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On QuidelOrtho

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp grew its position in QuidelOrtho by 907.3% during the second quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock worth $27,000 after buying an additional 744 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of QuidelOrtho by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock worth $59,000 after purchasing an additional 378 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of QuidelOrtho in the first quarter worth $86,000. Innealta Capital LLC bought a new position in shares of QuidelOrtho in the second quarter worth $102,000. Finally, Quest Partners LLC raised its stake in QuidelOrtho by 17,095.0% in the second quarter. Quest Partners LLC now owns 3,439 shares of the company’s stock valued at $114,000 after purchasing an additional 3,419 shares in the last quarter. 99.00% of the stock is currently 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.