$51.06 Million in Sales Expected for Quidel Corporation (QDEL) This Quarter
Analysts predict that Quidel Corporation (NASDAQ:QDEL) will report sales of $51.06 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Quidel Corporation’s earnings, with the lowest sales estimate coming in at $50.34 million and the highest estimate coming in at $51.80 million. Quidel Corporation posted sales of $49.34 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.5%. The company is expected to issue its next quarterly earnings report on Wednesday, October 25th.
According to Zacks, analysts expect that Quidel Corporation will report full-year sales of $51.06 million for the current year, with estimates ranging from $224.65 million to $226.98 million. For the next financial year, analysts forecast that the company will report sales of $236.21 million per share, with estimates ranging from $233.81 million to $238.61 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Quidel Corporation.
Quidel Corporation (NASDAQ:QDEL) last posted its quarterly earnings results on Wednesday, July 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.18). Quidel Corporation had a negative return on equity of 0.03% and a negative net margin of 0.03%. The company had revenue of $38.30 million during the quarter, compared to the consensus estimate of $41.91 million. During the same quarter in the prior year, the business earned ($0.11) earnings per share. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis.
QDEL has been the subject of a number of recent analyst reports. TheStreet raised shares of Quidel Corporation from a “c+” rating to a “b-” rating in a research report on Thursday, July 6th. BidaskClub downgraded shares of Quidel Corporation from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 16th. Zacks Investment Research upgraded shares of Quidel Corporation from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Tuesday, July 18th. Canaccord Genuity raised shares of Quidel Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 18th. Finally, William Blair upgraded shares of Quidel Corporation from a “market perform” rating to an “outperform” rating in a report on Tuesday, July 18th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Quidel Corporation currently has a consensus rating of “Buy” and a consensus price target of $44.00.
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In other news, SVP Michael Donald Jr. Abney sold 1,173 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $33.83, for a total value of $39,682.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Douglas C. Bryant sold 36,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $33.83, for a total value of $1,217,880.00. Following the completion of the transaction, the chief executive officer now directly owns 296,493 shares of the company’s stock, valued at $10,030,358.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 227,388 shares of company stock worth $8,274,312. Corporate insiders own 22.00% of the company’s stock.
A number of institutional investors have recently modified their holdings of QDEL. Acrospire Investment Management LLC boosted its position in Quidel Corporation by 42.2% in the second quarter. Acrospire Investment Management LLC now owns 3,678 shares of the company’s stock worth $100,000 after purchasing an additional 1,091 shares during the last quarter. Legal & General Group Plc grew its stake in Quidel Corporation by 4.6% in the 1st quarter. Legal & General Group Plc now owns 6,931 shares of the company’s stock valued at $157,000 after purchasing an additional 306 shares during the period. Russell Investments Group Ltd. bought a new position in Quidel Corporation in the 2nd quarter valued at $209,000. First Quadrant L P CA bought a new position in Quidel Corporation in the 2nd quarter valued at $217,000. Finally, Alambic Investment Management L.P. bought a new position in Quidel Corporation in the 1st quarter valued at $263,000. Institutional investors and hedge funds own 87.17% of the company’s stock.
Quidel Corporation (NASDAQ:QDEL) traded down 0.59% during midday trading on Friday, reaching $43.60. The company had a trading volume of 381,858 shares. The stock has a 50-day moving average price of $34.42 and a 200 day moving average price of $27.83. The company’s market capitalization is $1.46 billion. Quidel Corporation has a 12-month low of $18.25 and a 12-month high of $45.55.
Quidel Corporation Company Profile
Quidel Corporation is engaged in the development, manufacturing and marketing of diagnostic testing solutions. These diagnostic testing solutions are separated into four product categories: immunoassays, molecular assays, virology and specialty products. The Company sells its products directly to end users and distributors, in each case, for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, universities, retail clinics, pharmacies and wellness screening centers.
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