QuidelOrtho (NASDAQ:QDEL) Shares Gap Down – Here’s What Happened

QuidelOrtho Corporation (NASDAQ:QDEL)’s share price gapped down before the market opened on Wednesday. The stock had previously closed at $14.21, but opened at $13.73. QuidelOrtho shares last traded at $14.1740, with a volume of 314,382 shares traded.

Wall Street Analyst Weigh In

Several research firms have recently commented on QDEL. Wall Street Zen upgraded shares of QuidelOrtho from a “sell” rating to a “hold” rating in a research note on Sunday, June 28th. JPMorgan Chase & Co. boosted their price target on shares of QuidelOrtho from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 1st. Jefferies Financial Group reissued a “hold” rating on shares of QuidelOrtho in a report on Monday, June 29th. Zacks Research upgraded shares of QuidelOrtho from a “strong sell” rating to a “hold” rating in a research report on Friday, October 9th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of QuidelOrtho in a research report on Thursday, October 15th. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $13.62.

QuidelOrtho Trading Down 4.3%

The company has a quick ratio of 0.76, a current ratio of 1.39 and a debt-to-equity ratio of 1.43. The business has a fifty day simple moving average of $12.81 and a 200 day simple moving average of $13.82. The company has a market cap of $924.32 million, a price-to-earnings ratio of 10.43 and a beta of 0.79.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results on Thursday, August 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.18. QuidelOrtho had a negative net margin of 39.20% and a positive return on equity of 4.88%. The company had revenue of $630.90 million for the quarter, compared to analyst estimates of $618.72 million. During the same period in the previous year, the firm earned $0.12 EPS. The business’s revenue was up 2.8% on a year-over-year basis. QuidelOrtho has set its FY 2026 guidance at 0.650-0.900 EPS. On average, equities analysts anticipate that QuidelOrtho Corporation will post 0.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Rice Hall James & Associates LLC purchased a new position in QuidelOrtho in the 2nd quarter valued at approximately $18,628,000. Tejara Capital Ltd acquired a new position in QuidelOrtho during the second quarter worth $2,275,000. Paradigm Capital Management Inc. NY purchased a new stake in QuidelOrtho during the second quarter worth $44,168,000. Edgestream Partners L.P. purchased a new stake in QuidelOrtho during the first quarter worth $1,937,000. Finally, Newtyn Management LLC boosted its position in QuidelOrtho by 45.3% during the second quarter. Newtyn Management LLC now owns 6,625,000 shares of the company’s stock worth $116,037,000 after purchasing an additional 2,066,528 shares in the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

About QuidelOrtho

QuidelOrtho Corporation (NASDAQ:QDEL) is a global in vitro diagnostics company formed through the combination of Quidel Corporation and Ortho Clinical Diagnostics, a transaction completed in 2022. The company develops, manufactures and markets diagnostic technologies used to detect disease, guide treatment decisions and support blood-transfusion safety.

Its portfolio includes rapid immunoassays, molecular testing systems, clinical chemistry and immunohematology products, as well as laboratory automation solutions.