752,624 Shares in QuidelOrtho Co. (NASDAQ:QDEL) Bought by Point72 Asset Management L.P.

Point72 Asset Management L.P. bought a new position in QuidelOrtho Co. (NASDAQ:QDEL) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 752,624 shares of the company’s stock, valued at approximately $34,320,000. Point72 Asset Management L.P. owned 1.12% of QuidelOrtho at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Rubric Capital Management LP lifted its position in shares of QuidelOrtho by 51.9% in the second quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after purchasing an additional 1,245,590 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in QuidelOrtho in the third quarter valued at $19,565,000. Beaconlight Capital LLC acquired a new stake in QuidelOrtho in the 3rd quarter valued at $18,152,000. Maverick Capital Ltd. lifted its position in QuidelOrtho by 27.5% during the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock worth $57,434,000 after buying an additional 372,662 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of QuidelOrtho by 28.0% during 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 during the last quarter. Institutional investors own 99.00% of the company’s stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

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

QuidelOrtho Stock Down 5.6 %

QDEL opened at $37.60 on Friday. The stock’s fifty day simple moving average is $40.50 and its 200 day simple moving average is $40.15. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $75.86. The stock has a market cap of $2.53 billion, a PE ratio of -1.35 and a beta of 0.11. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.55. The company had revenue of $727.00 million for the quarter, compared to analyst estimates of $642.16 million. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The company’s revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 earnings per share. As a group, research analysts expect that QuidelOrtho Co. will post 1.73 earnings per share for the current year.

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.