Brokerages Set QuidelOrtho Corporation (NASDAQ:QDEL) Price Target at $39.20

Shares of QuidelOrtho Corporation (NASDAQ:QDEL) have been assigned an average rating of “Hold” from the six research firms that are presently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $39.20.

Several analysts have weighed in on the company. Citigroup dropped their price objective on QuidelOrtho from $50.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Wall Street Zen cut QuidelOrtho from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Finally, UBS Group dropped their price objective on QuidelOrtho from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 7th.

QuidelOrtho Stock Performance

QuidelOrtho stock opened at $28.56 on Friday. The stock has a 50-day simple moving average of $27.02 and a 200 day simple moving average of $30.06. The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74. QuidelOrtho has a 12-month low of $22.05 and a 12-month high of $49.45. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of -4.37 and a beta of 0.14.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.11. QuidelOrtho had a positive return on equity of 5.29% and a negative net margin of 16.10%.The business had revenue of $613.90 million during the quarter, compared to analysts’ expectations of $612.36 million. During the same period in the previous year, the business posted ($0.07) earnings per share. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, research analysts anticipate that QuidelOrtho will post 2.3 earnings per share for the current fiscal year.

Institutional Trading of QuidelOrtho

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its holdings in QuidelOrtho by 298.1% during the 2nd quarter. Osaic Holdings Inc. now owns 3,300 shares of the company’s stock worth $95,000 after purchasing an additional 2,471 shares during the last quarter. Orion Porfolio Solutions LLC raised its holdings in QuidelOrtho by 11.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 22,551 shares of the company’s stock worth $650,000 after purchasing an additional 2,392 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of QuidelOrtho during the 2nd quarter worth about $685,000. State of Wyoming grew its position in shares of QuidelOrtho by 230.5% during the 2nd quarter. State of Wyoming now owns 4,524 shares of the company’s stock worth $130,000 after buying an additional 3,155 shares during the period. Finally, Public Sector Pension Investment Board grew its position in shares of QuidelOrtho by 8.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 225,918 shares of the company’s stock worth $6,511,000 after buying an additional 16,928 shares during the period. 99.00% of the stock is owned by institutional investors.

QuidelOrtho Company Profile

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.