Clearline Capital LP Purchases 6,300 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Clearline Capital LP boosted its position in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 2.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 313,000 shares of the company’s stock after buying an additional 6,300 shares during the period. QuidelOrtho makes up about 0.6% of Clearline Capital LP’s portfolio, making the stock its 26th biggest holding. Clearline Capital LP’s holdings in QuidelOrtho were worth $14,273,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Rubric Capital Management LP boosted its position in shares of QuidelOrtho by 15.2% during the 3rd quarter. Rubric Capital Management LP now owns 4,200,000 shares of the company’s stock valued at $191,520,000 after acquiring an additional 554,410 shares during the last quarter. Maverick Capital Ltd. lifted its position in QuidelOrtho by 27.5% during the second quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock valued at $57,434,000 after purchasing an additional 372,662 shares during the last quarter. FMR LLC grew its stake in shares of QuidelOrtho by 28.0% in the 3rd quarter. FMR LLC now owns 1,256,356 shares of the company’s stock worth $57,290,000 after buying an additional 274,633 shares in the last quarter. Private Management Group Inc. increased its holdings in shares of QuidelOrtho by 2.6% in the 3rd quarter. Private Management Group Inc. now owns 626,705 shares of the company’s stock worth $28,578,000 after buying an additional 16,084 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of QuidelOrtho by 9.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 593,157 shares of the company’s stock worth $19,705,000 after buying an additional 52,729 shares during the last quarter. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Analyst Upgrades and Downgrades

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

QuidelOrtho Stock Down 0.3 %

Shares of QDEL opened at $41.00 on Monday. The firm has a fifty day moving average price of $40.88 and a 200-day moving average price of $40.21. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $2.76 billion, a P/E ratio of -1.47 and a beta of 0.12. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results 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 negative net margin of 66.25% and a positive return on equity of 4.24%. The business had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. During the same period in the prior year, the firm earned $0.90 EPS. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities research analysts expect that QuidelOrtho Co. will post 1.73 earnings per share for the current year.

Insider Buying and Selling at QuidelOrtho

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

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.