Rubric Capital Management LP Purchases 554,410 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Rubric Capital Management LP boosted its holdings in QuidelOrtho Co. (NASDAQ:QDEL) by 15.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,200,000 shares of the company’s stock after purchasing an additional 554,410 shares during the quarter. QuidelOrtho makes up about 3.1% of Rubric Capital Management LP’s investment portfolio, making the stock its 7th largest holding. Rubric Capital Management LP owned about 0.06% of QuidelOrtho worth $191,520,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of QuidelOrtho by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock worth $233,906,000 after purchasing an additional 37,733 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in QuidelOrtho by 4.3% in 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. Tidal Investments LLC acquired a new position in shares of QuidelOrtho during the first quarter valued at $582,000. EMC Capital Management acquired a new position in shares of QuidelOrtho during the first quarter valued at $117,000. Finally, GAMMA Investing LLC grew its position in shares of QuidelOrtho by 27.0% during the second 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. Institutional investors own 99.00% of the company’s stock.

Wall Street Analyst Weigh In

QDEL has been the subject of a number of analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. William Blair restated a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and lifted their target price for the company from $40.00 to $57.00 in a research note on Thursday, September 5th. Finally, UBS Group initiated coverage on QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.83.

QuidelOrtho Trading Down 0.4 %

Shares of NASDAQ:QDEL opened at $40.98 on Wednesday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 0.81. QuidelOrtho Co. has a 12 month low of $29.74 and a 12 month high of $75.86. The stock’s 50 day moving average price is $41.18 and its 200 day moving average price is $40.26.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.55. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The company had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. During the same quarter in the previous year, the business earned $0.90 EPS. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, equities research analysts anticipate that QuidelOrtho Co. will post 1.73 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $35.31, for a total value of $291,667,061.73. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.00% of the stock is currently owned by company insiders.

QuidelOrtho 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.