QuidelOrtho Corporation (NASDAQ:QDEL) Given Consensus Recommendation of “Hold” by Brokerages

Shares of QuidelOrtho Corporation (NASDAQ:QDEL) have been given a consensus recommendation of “Hold” by the seven ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $44.33.

QDEL has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an “underweight” rating on the stock in a report on Monday, April 21st. Wall Street Zen raised shares of QuidelOrtho from a “hold” rating to a “buy” rating in a report on Friday, June 6th. UBS Group dropped their price objective on shares of QuidelOrtho from $45.00 to $29.00 and set a “neutral” rating on the stock in a report on Thursday, May 8th. Finally, Jefferies Financial Group raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Thursday, May 8th.

QuidelOrtho Stock Down 4.6%

NASDAQ:QDEL opened at $25.45 on Friday. The company’s 50 day moving average is $30.34 and its two-hundred day moving average is $34.63. The company has a market cap of $1.72 billion, a PE ratio of -5.12 and a beta of 0.07. The company has a current ratio of 1.20, a quick ratio of 0.66 and a debt-to-equity ratio of 0.70. QuidelOrtho has a twelve month low of $23.77 and a twelve month high of $49.45.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.61 by $0.13. The business had revenue of $692.80 million for the quarter, compared to the consensus estimate of $694.97 million. QuidelOrtho had a negative net margin of 12.07% and a positive return on equity of 4.71%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. Analysts anticipate that QuidelOrtho will post 2.3 EPS for the current year.

Hedge Funds Weigh In On QuidelOrtho

Several large investors have recently made changes to their positions in QDEL. Summit Securities Group LLC acquired a new position in shares of QuidelOrtho in the 1st quarter valued at $36,000. Quarry LP acquired a new position in shares of QuidelOrtho in the 4th quarter valued at $43,000. True Wealth Design LLC raised its position in QuidelOrtho by 300.7% during the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company’s stock worth $48,000 after acquiring an additional 806 shares during the period. Bfsg LLC raised its position in QuidelOrtho by 6.8% during the second quarter. Bfsg LLC now owns 5,460 shares of the company’s stock worth $157,000 after acquiring an additional 347 shares during the period. Finally, State of Wyoming acquired a new position in QuidelOrtho during the fourth quarter worth $164,000. 99.00% of the stock is currently owned by institutional investors and hedge funds.

About QuidelOrtho

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.