QuidelOrtho (NASDAQ:QDEL) Stock Price Down 5.7% – What’s Next?

QuidelOrtho Corporation (NASDAQ:QDEL) traded down 5.7% during trading on Tuesday . The stock traded as low as $16.75 and last traded at $16.6990. 77,274 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 1,746,195 shares. The stock had previously closed at $17.71.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on QDEL. UBS Group reaffirmed a “neutral” rating and set a $12.00 price target on shares of QuidelOrtho in a research note on Thursday, May 7th. Citigroup boosted their price objective on shares of QuidelOrtho from $13.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 8th. Zacks Research upgraded shares of QuidelOrtho from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. JPMorgan Chase & Co. raised their target price on shares of QuidelOrtho from $11.00 to $12.00 and gave the company an “underweight” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of QuidelOrtho in a research note on Friday, July 17th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, QuidelOrtho currently has a consensus rating of “Reduce” and an average price target of $13.62.

QuidelOrtho Price Performance

The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -0.98 and a beta of 0.68. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.80 and a current ratio of 1.43. The company has a 50-day simple moving average of $15.70 and a two-hundred day simple moving average of $17.70.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.37 by ($0.41). QuidelOrtho had a negative net margin of 45.57% and a positive return on equity of 4.25%. The company had revenue of $619.80 million during the quarter, compared to analyst estimates of $665.23 million. During the same period in the previous year, the company posted $0.74 EPS. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. As a group, equities research analysts forecast that QuidelOrtho Corporation will post 1.87 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of QDEL. Global Retirement Partners LLC lifted its stake in QuidelOrtho by 3,691.7% in the 4th quarter. Global Retirement Partners LLC now owns 910 shares of the company’s stock valued at $26,000 after purchasing an additional 886 shares during the last quarter. Camelot Portfolios LLC acquired a new stake in shares of QuidelOrtho in the fourth quarter valued at approximately $29,000. Hantz Financial Services Inc. boosted its stake in shares of QuidelOrtho by 50.3% during the 4th quarter. Hantz Financial Services Inc. now owns 1,082 shares of the company’s stock worth $31,000 after acquiring an additional 362 shares during the period. GAMMA Investing LLC increased its holdings in shares of QuidelOrtho by 67.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,185 shares of the company’s stock worth $38,000 after acquiring an additional 882 shares during the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of QuidelOrtho by 322.2% during the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the company’s stock worth $39,000 after acquiring an additional 1,015 shares during the last quarter. Institutional investors own 99.00% of the company’s stock.

About QuidelOrtho

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.