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

QuidelOrtho Co. (NASDAQ:QDEL)’s stock price hit a new 52-week low during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $32.47 and last traded at $33.03, with a volume of 85424 shares changing hands. The stock had previously closed at $32.90.

Specifically, major shareholder Carlyle Group Inc. sold 64,263 shares of QuidelOrtho stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $40.23, for a total transaction of $2,585,300.49. Following the sale, the insider now owns 12,395,920 shares of the company’s stock, valued at approximately $498,687,861.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 514,288 shares of company stock valued at $18,383,593. Corporate insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on QDEL. UBS Group reiterated a “sell” rating and issued a $42.00 price target (down from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Royal Bank of Canada reduced their price target on shares of QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $59.00.

QuidelOrtho Trading Down 0.7 %

The firm has a market cap of $2.25 billion, a PE ratio of -1.27 and a beta of 0.13. The company has a quick ratio of 0.81, a current ratio of 1.55 and a debt-to-equity ratio of 0.68. The company’s 50 day moving average price is $40.58 and its two-hundred day moving average price is $52.06.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. EMC Capital Management bought a new position in QuidelOrtho during the 1st quarter worth about $117,000. Tidal Investments LLC purchased a new stake in shares of QuidelOrtho during the first quarter valued at about $582,000. Silvercrest Asset Management Group LLC lifted its position in shares of QuidelOrtho by 15.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 216,349 shares of the company’s stock valued at $10,372,000 after buying an additional 29,721 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of QuidelOrtho by 4.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 39,854 shares of the company’s stock valued at $1,911,000 after buying an additional 1,648 shares during the last quarter. Finally, Gabelli Funds LLC lifted its position in shares of QuidelOrtho by 7.1% during the first quarter. Gabelli Funds LLC now owns 144,130 shares of the company’s stock valued at $6,910,000 after buying an additional 9,500 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors.

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.