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

UBS Group began coverage on shares of QuidelOrtho (NASDAQ:QDEL) in a research report report published on Thursday morning, Marketbeat.com reports. The firm issued a neutral rating and a $50.00 price target on the stock.

Several other equities research analysts also recently issued reports on the company. Craig Hallum upgraded QuidelOrtho from a hold rating to a buy rating and increased their price target for the stock from $40.00 to $57.00 in a report on Thursday, September 5th. Royal Bank of Canada restated an outperform rating and set a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, QuidelOrtho has an average rating of Hold and an average target price of $58.83.

QuidelOrtho Stock Performance

Shares of NASDAQ:QDEL opened at $45.40 on Thursday. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of -1.72 and a beta of 0.08. The firm’s 50 day simple moving average is $41.66 and its 200 day simple moving average is $41.24. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.44 and a quick ratio of 0.79. QuidelOrtho has a fifty-two week low of $29.74 and a fifty-two week high of $75.86.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The company had revenue of $637.00 million for the quarter, compared to analysts’ expectations of $613.51 million. During the same period last year, the firm posted $0.26 earnings per share. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. As a group, sell-side analysts forecast that QuidelOrtho will post 1.77 earnings per share for the current year.

Insider Transactions at QuidelOrtho

In related news, major shareholder Carlyle Group Inc. sold 81,482 shares of QuidelOrtho stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $33.19, for a total value of $2,704,387.58. Following the sale, the insider now owns 11,617,068 shares of the company’s stock, valued at approximately $385,570,486.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 1,902,466 shares of company stock valued at $69,552,560 over the last three months. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in QDEL. Dimensional Fund Advisors LP boosted its stake in shares of QuidelOrtho by 144.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock worth $66,961,000 after buying an additional 536,492 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in QuidelOrtho by 190.5% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,705 shares of the company’s stock valued at $642,000 after purchasing an additional 5,708 shares during the last quarter. Norges Bank bought a new position in QuidelOrtho in the fourth quarter valued at approximately $41,968,000. Clearbridge Investments LLC increased its position in shares of QuidelOrtho by 2.3% during the 4th quarter. Clearbridge Investments LLC now owns 461,717 shares of the company’s stock worth $34,029,000 after purchasing an additional 10,175 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new stake in shares of QuidelOrtho during the 4th quarter worth approximately $1,326,000. Institutional investors 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.