QuidelOrtho (NASDAQ:QDEL) Research Coverage Started at UBS Group

UBS Group initiated coverage on shares of QuidelOrtho (NASDAQ:QDEL) in a research note issued to investors on Thursday, Marketbeat.com reports. The firm set a “neutral” rating and a $50.00 price target on the stock. UBS Group’s target price would indicate a potential upside of 10.13% from the stock’s previous close.

QDEL has been the subject of several other research reports. Craig Hallum upgraded 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. Royal Bank of Canada restated an “outperform” rating and issued a $61.00 price objective on shares of QuidelOrtho in a research report on Friday, August 16th. One 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 presently has a consensus rating of “Hold” and a consensus price target of $58.83.

QuidelOrtho Stock Performance

NASDAQ QDEL opened at $45.40 on Thursday. The firm has a market cap of $3.04 billion, a P/E ratio of -1.72 and a beta of 0.08. 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 company’s 50 day moving average is $41.66 and its 200-day moving average is $41.25. QuidelOrtho has a 12-month low of $29.74 and a 12-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 (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $637.00 million for the quarter, compared to the consensus estimate of $613.51 million. During the same quarter in the prior year, the business posted $0.26 earnings per share. The business’s quarterly revenue was down 4.2% on a year-over-year basis. Sell-side analysts predict that QuidelOrtho will post 1.77 earnings per share for the current year.

Insider Buying and Selling at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 73,713 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $34.34, for a total value of $2,531,304.42. Following the transaction, the insider now owns 11,766,022 shares of the company’s stock, valued at approximately $404,045,195.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 1,902,466 shares of company stock worth $69,552,560 over the last three months. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On QuidelOrtho

Several institutional investors have recently modified their holdings of the company. Fifth Third Bancorp lifted its position in QuidelOrtho by 907.3% in the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock worth $27,000 after buying an additional 744 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of 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 acquiring an additional 378 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of QuidelOrtho in the 1st quarter valued at $86,000. Innealta Capital LLC purchased a new stake in shares of QuidelOrtho in the 2nd quarter valued at $102,000. Finally, Quest Partners LLC grew its holdings in shares of QuidelOrtho by 17,095.0% during the 2nd 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 during the last quarter. 99.00% of the stock is currently owned by institutional investors.

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.