QuidelOrtho (NASDAQ:QDEL) Sets New 1-Year Low After Insider Selling

QuidelOrtho Co. (NASDAQ:QDELGet Free Report) hit a new 52-week low on Monday after an insider sold shares in the company. The company traded as low as $30.59 and last traded at $30.63, with a volume of 123088 shares trading hands. The stock had previously closed at $31.26.

Specifically, major shareholder Carlyle Group Inc. sold 127,981 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $36.19, for a total transaction of $4,631,632.39. Following the transaction, the insider now directly owns 12,123,705 shares in the company, valued at approximately $438,756,883.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 808,771 shares of company stock worth $27,677,253. Insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

Separately, Royal Bank of Canada reduced their target price on QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, QuidelOrtho presently has a consensus rating of “Hold” and a consensus price target of $59.00.

View Our Latest Stock Report on QDEL

QuidelOrtho Trading Down 0.2 %

The firm has a market cap of $2.01 billion, a P/E ratio of -1.14 and a beta of 0.07. The business’s 50-day moving average is $39.01 and its two-hundred day moving average is $49.43. The company has a current ratio of 1.55, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68.

QuidelOrtho (NASDAQ:QDELGet Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The company had revenue of $711.00 million for the quarter, compared to analyst estimates of $697.33 million. QuidelOrtho had a positive return on equity of 3.96% and a negative net margin of 61.65%. As a group, analysts expect that QuidelOrtho Co. will post 1.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QuidelOrtho

Hedge funds have recently added to or reduced their stakes in the stock. Rubric Capital Management LP increased its holdings in shares of QuidelOrtho by 230.6% in the 4th quarter. Rubric Capital Management LP now owns 980,063 shares of the company’s stock worth $72,231,000 after acquiring an additional 683,637 shares during the period. Norges Bank bought a new position in QuidelOrtho in the 4th quarter worth about $41,968,000. Dimensional Fund Advisors LP increased its stake in shares of QuidelOrtho by 144.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock valued at $66,961,000 after purchasing an additional 536,492 shares during the period. Invenomic Capital Management LP bought a new stake in shares of QuidelOrtho during the fourth quarter valued at approximately $37,144,000. Finally, LGT Capital Partners LTD. boosted its position in shares of QuidelOrtho by 69.9% during the fourth quarter. LGT Capital Partners LTD. now owns 954,466 shares of the company’s stock worth $70,344,000 after buying an additional 392,790 shares during the period. 99.00% of the stock is currently owned by institutional investors.

QuidelOrtho Company Profile

(Get Free Report)

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.

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