SummerHaven Investment Management LLC Purchases Shares of 27,123 QuidelOrtho Corporation $QDEL

SummerHaven Investment Management LLC acquired a new stake in shares of QuidelOrtho Corporation (NASDAQ:QDEL) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 27,123 shares of the company’s stock, valued at approximately $799,000.

A number of other institutional investors and hedge funds have also made changes to their positions in QDEL. Geode Capital Management LLC boosted its holdings in QuidelOrtho by 46.1% in the second quarter. Geode Capital Management LLC now owns 1,678,670 shares of the company’s stock valued at $48,385,000 after acquiring an additional 529,770 shares during the last quarter. State Street Corp lifted its stake in shares of QuidelOrtho by 23.3% in the 2nd quarter. State Street Corp now owns 2,700,940 shares of the company’s stock valued at $77,841,000 after purchasing an additional 510,291 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of QuidelOrtho by 20.6% in the 2nd quarter. American Century Companies Inc. now owns 1,915,648 shares of the company’s stock valued at $55,209,000 after purchasing an additional 327,003 shares in the last quarter. Norges Bank purchased a new stake in shares of QuidelOrtho during the 2nd quarter worth about $9,270,000. Finally, Paradigm Capital Management Inc. NY increased its position in QuidelOrtho by 59.0% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 746,290 shares of the company’s stock worth $21,508,000 after purchasing an additional 276,790 shares in the last quarter. 99.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on QDEL. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of QuidelOrtho in a research report on Thursday, January 22nd. Citigroup restated a “neutral” rating and set a $33.00 target price (down previously from $40.00) on shares of QuidelOrtho in a report on Tuesday, October 7th. Zacks Research upgraded QuidelOrtho from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 13th. JPMorgan Chase & Co. cut their price objective on QuidelOrtho from $26.00 to $22.00 and set an “underweight” rating on the stock in a research report on Friday, November 7th. Finally, UBS Group upped their target price on QuidelOrtho from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $39.00.

QuidelOrtho Stock Performance

Shares of QDEL stock opened at $26.79 on Thursday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.78 and a quick ratio of 0.98. The company’s fifty day moving average price is $29.29 and its two-hundred day moving average price is $27.64. The firm has a market capitalization of $1.82 billion, a P/E ratio of -1.57 and a beta of 0.59. QuidelOrtho Corporation has a 12 month low of $19.50 and a 12 month high of $45.80.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results on Wednesday, November 5th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.29. QuidelOrtho had a positive return on equity of 5.75% and a negative net margin of 42.53%.The company had revenue of $699.90 million during the quarter, compared to the consensus estimate of $667.45 million. During the same period last year, the firm earned $0.85 earnings per share. The company’s revenue was down 3.7% on a year-over-year basis. QuidelOrtho has set its FY 2025 guidance at 2.000-2.150 EPS. On average, research analysts anticipate that QuidelOrtho Corporation will post 2.3 earnings per share for the current fiscal year.

Insider Activity at QuidelOrtho

In other QuidelOrtho news, CEO Brian J. Blaser bought 23,500 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were bought at an average cost of $21.34 per share, with a total value of $501,490.00. Following the transaction, the chief executive officer directly owned 29,533 shares in the company, valued at approximately $630,234.22. This trade represents a 389.52% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Joseph M. Busky purchased 4,770 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were bought at an average cost of $26.06 per share, with a total value of $124,306.20. Following the transaction, the chief financial officer directly owned 6,920 shares of the company’s stock, valued at approximately $180,335.20. This represents a 221.86% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 29,390 shares of company stock worth $657,340 over the last 90 days. 0.79% of the stock is owned by company insiders.

QuidelOrtho Company Profile

QuidelOrtho is a global diagnostics company formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics. The combined entity develops, manufactures and markets a broad portfolio of rapid and high-throughput diagnostic solutions across immunoassay, molecular diagnostics and transfusion medicine. Its offerings span point-of-care platforms for acute care testing as well as large-scale automated systems designed for clinical laboratories and blood banks.

The company’s product range includes rapid antigen and antibody tests for infectious diseases, molecular assays utilizing nucleic acid amplification technology, and integrated immunodiagnostic analyzers.