QuidelOrtho (NASDAQ:QDEL) Shares Gap Up – What’s Next?

QuidelOrtho Co. (NASDAQ:QDEL)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $35.35, but opened at $36.17. QuidelOrtho shares last traded at $34.79, with a volume of 59,222 shares trading hands.

Wall Street Analysts Forecast Growth

QDEL has been the topic of a number of recent analyst reports. StockNews.com downgraded QuidelOrtho from a “buy” rating to a “hold” rating in a research report on Saturday, February 15th. Royal Bank of Canada decreased their target price on QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Citigroup raised shares of QuidelOrtho from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $50.00 in a report on Wednesday, December 11th. UBS Group lifted their target price on shares of QuidelOrtho from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, Jefferies Financial Group assumed coverage on QuidelOrtho in a report on Tuesday, December 10th. They set a “hold” rating and a $43.00 target price for the company. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $51.20.

QuidelOrtho Trading Up 2.4 %

The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The company has a fifty day simple moving average of $40.28 and a 200-day simple moving average of $41.51. The company has a market capitalization of $2.42 billion, a PE ratio of -1.18 and a beta of 0.10.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results on Wednesday, February 12th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.44). QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. Analysts predict that QuidelOrtho Co. will post 2.3 EPS for the current year.

Hedge Funds Weigh In On QuidelOrtho

Large investors have recently modified their holdings of the business. Voya Investment Management LLC increased its position in shares of QuidelOrtho by 7.7% during the 4th quarter. Voya Investment Management LLC now owns 7,551 shares of the company’s stock worth $336,000 after purchasing an additional 538 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of QuidelOrtho by 10.6% in the 4th quarter. Corient Private Wealth LLC now owns 6,874 shares of the company’s stock valued at $306,000 after acquiring an additional 661 shares during the period. True Wealth Design LLC raised its stake in shares of 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 acquiring an additional 806 shares during the period. CIBC Asset Management Inc boosted its position in shares of QuidelOrtho by 14.2% during the 4th quarter. CIBC Asset Management Inc now owns 6,564 shares of the company’s stock worth $292,000 after purchasing an additional 816 shares during the period. Finally, Blue Trust Inc. increased its holdings in QuidelOrtho by 188.0% in the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company’s stock valued at $58,000 after purchasing an additional 844 shares during the last quarter. Institutional investors and hedge funds 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.