QuidelOrtho (NASDAQ:QDEL) Sets New 1-Year Low at $41.60

QuidelOrtho Co. (NASDAQ:QDEL) shares reached a new 52-week low during trading on Monday . The stock traded as low as $41.60 and last traded at $41.62, with a volume of 288524 shares traded. The stock had previously closed at $42.17.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Royal Bank of Canada cut their target price on QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Raymond James reaffirmed an “outperform” rating and issued a $76.00 price objective (down previously from $100.00) on shares of QuidelOrtho in a research report on Wednesday, February 14th. Craig Hallum reissued a “hold” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. William Blair reissued a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, February 14th. Finally, UBS Group reaffirmed a “sell” rating and set a $42.00 target price (down from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, QuidelOrtho presently has an average rating of “Hold” and an average price target of $61.60.

QuidelOrtho Stock Down 2.6 %

The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of -251.88 and a beta of 0.11. The company has a quick ratio of 0.88, a current ratio of 1.57 and a debt-to-equity ratio of 0.45. The company’s 50 day moving average price is $47.63 and its 200 day moving average price is $61.35.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings results on Tuesday, February 13th. The company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.84). The firm had revenue of $742.60 million for the quarter, compared to analyst estimates of $796.91 million. QuidelOrtho had a positive return on equity of 5.54% and a negative net margin of 0.34%. The business’s revenue was down 14.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.74 EPS. As a group, research analysts forecast that QuidelOrtho Co. will post 2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Joseph M. Busky purchased 2,150 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was bought at an average cost of $46.35 per share, with a total value of $99,652.50. Following the completion of the acquisition, the chief financial officer now owns 2,150 shares of the company’s stock, valued at approximately $99,652.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of QuidelOrtho

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Money Concepts Capital Corp boosted its stake in shares of QuidelOrtho by 66.8% during the 4th quarter. Money Concepts Capital Corp now owns 337 shares of the company’s stock worth $29,000 after acquiring an additional 135 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of QuidelOrtho by 109.0% in the third quarter. Global Retirement Partners LLC now owns 347 shares of the company’s stock valued at $26,000 after buying an additional 181 shares in the last quarter. Arizona State Retirement System raised its stake in shares of QuidelOrtho by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 14,229 shares of the company’s stock worth $1,039,000 after buying an additional 200 shares during the period. Eagle Bay Advisors LLC raised its stake in shares of QuidelOrtho by 174.2% during the 2nd quarter. Eagle Bay Advisors LLC now owns 351 shares of the company’s stock worth $34,000 after buying an additional 223 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in shares of QuidelOrtho by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 23,691 shares of the company’s stock valued at $1,746,000 after buying an additional 230 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

About QuidelOrtho

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.