QuidelOrtho (NASDAQ:QDEL) Sets New 52-Week Low – What’s Next?

QuidelOrtho Corporation (NASDAQ:QDEL) hit a new 52-week low during trading on Friday . The stock traded as low as $14.75 and last traded at $15.0080, with a volume of 257918 shares. The stock had previously closed at $15.60.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of QuidelOrtho in a research note on Thursday, January 22nd. UBS Group set a $30.00 target price on shares of QuidelOrtho in a research report on Thursday, February 12th. Citigroup boosted their target price on shares of QuidelOrtho from $23.00 to $30.00 and gave the stock a “neutral” rating in a research note on Thursday, February 12th. Finally, Zacks Research cut QuidelOrtho from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $31.50.

QuidelOrtho Price Performance

The firm has a market capitalization of $1.02 billion, a P/E ratio of -0.89 and a beta of 0.75. The company has a fifty day moving average of $23.61 and a 200 day moving average of $26.47. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.50 and a quick ratio of 0.90.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings results on Wednesday, February 11th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. QuidelOrtho had a negative net margin of 41.46% and a positive return on equity of 5.91%. The firm had revenue of $723.60 million during the quarter, compared to analyst estimates of $699.80 million. During the same quarter last year, the business earned $0.63 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. Sell-side analysts predict that QuidelOrtho Corporation will post 2.3 earnings per share for the current year.

Insider Buying and Selling at QuidelOrtho

In other news, CEO Brian J. Blaser purchased 10,540 shares of the business’s stock in a transaction on Friday, February 13th. The shares were acquired at an average price of $23.59 per share, with a total value of $248,638.60. Following the completion of the transaction, the chief executive officer owned 40,073 shares of the company’s stock, valued at $945,322.07. The trade was a 35.69% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Joseph M. Busky acquired 3,370 shares of the stock in a transaction dated Friday, February 13th. The stock was acquired at an average cost of $23.66 per share, with a total value of $79,734.20. Following the completion of the transaction, the chief financial officer owned 10,290 shares in the company, valued at approximately $243,461.40. This represents a 48.70% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 23,910 shares of company stock valued at $567,973. 0.79% of the stock is currently owned by insiders.

Hedge Funds Weigh In On QuidelOrtho

A number of institutional investors and hedge funds have recently modified their holdings of QDEL. Royal Bank of Canada increased its stake in shares of QuidelOrtho by 1,218.7% in the 1st quarter. Royal Bank of Canada now owns 80,193 shares of the company’s stock valued at $2,803,000 after acquiring an additional 74,112 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in QuidelOrtho by 10.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 228,398 shares of the company’s stock valued at $7,987,000 after purchasing an additional 21,968 shares during the period. Focus Partners Wealth increased its stake in QuidelOrtho by 210.9% during the 1st quarter. Focus Partners Wealth now owns 20,454 shares of the company’s stock valued at $715,000 after purchasing an additional 13,876 shares in the last quarter. SG Americas Securities LLC bought a new stake in QuidelOrtho during the 2nd quarter valued at $487,000. Finally, Handelsbanken Fonder AB raised its holdings in QuidelOrtho by 10.1% during the second quarter. Handelsbanken Fonder AB now owns 18,519 shares of the company’s stock worth $534,000 after buying an additional 1,700 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors.

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.