QuidelOrtho Corporation (NASDAQ:QDEL) Stock Now Rated “Reduce” by Wall Street Brokerages

QuidelOrtho Corporation (NASDAQ:QDEL) has earned a consensus rating of “Reduce” from the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $13.62.

A number of research firms recently weighed in on QDEL. Zacks Research raised shares of QuidelOrtho from a “strong sell” rating to a “hold” rating in a report on Friday, October 9th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of QuidelOrtho in a research note on Thursday, October 15th.

QuidelOrtho Price Performance

Shares of QuidelOrtho stock opened at $10.62 on Friday. The firm has a market cap of $728.64 million, a PE ratio of -1.96 and a beta of 0.77. The stock has a 50 day moving average of $12.37 and a 200 day moving average of $15.60. The company has a current ratio of 1.36, a quick ratio of 0.75 and a debt-to-equity ratio of 1.40. QuidelOrtho has a 12 month low of $9.92 and a 12 month high of $35.58.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.13. The business had revenue of $618.90 million for the quarter, compared to the consensus estimate of $627.83 million. QuidelOrtho had a positive return on equity of 3.22% and a negative net margin of 14.24%. The company’s revenue was down 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.80 EPS. On average, research analysts expect that QuidelOrtho will post 0.66 EPS for the current fiscal year.

Hedge Funds Weigh In On QuidelOrtho

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of QuidelOrtho in the 2nd quarter valued at approximately $196,212,000. Newtyn Management LLC increased its position in shares of QuidelOrtho by 45.3% during the 2nd quarter. Newtyn Management LLC now owns 6,625,000 shares of the company’s stock valued at $116,037,000 after purchasing an additional 2,066,528 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of QuidelOrtho by 7.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,048,768 shares of the company’s stock valued at $50,085,000 after purchasing an additional 212,481 shares during the last quarter. Paradigm Capital Management Inc. NY purchased a new stake in QuidelOrtho during the 2nd quarter valued at $44,168,000. Finally, Private Management Group Inc. raised its holdings in QuidelOrtho by 10.6% during the 3rd quarter. Private Management Group Inc. now owns 2,290,299 shares of the company’s stock valued at $24,140,000 after buying an additional 219,908 shares during the period. 99.00% of the stock is owned by hedge funds and other institutional investors.

QuidelOrtho Company Profile

QuidelOrtho Corporation develops and manufactures diagnostic testing products used in healthcare settings. Its offerings include tests and instruments for immunoassay, molecular diagnostics, clinical chemistry, and transfusion medicine, as well as rapid tests designed for point-of-care use. The company serves hospitals, clinical laboratories, blood banks, physician offices, and other healthcare providers. Its product lines include the VITROS clinical laboratory systems, ORTHO VISION blood-bank analyzers, and Sofia rapid diagnostic platforms.