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

QuidelOrtho Corporation (NASDAQ:QDEL) has been assigned an average rating of “Hold” from the seven analysts that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $37.80.

A number of equities analysts have recently issued reports on QDEL shares. UBS Group cut their price target on shares of QuidelOrtho from $29.00 to $26.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of QuidelOrtho in a research note on Wednesday. Wall Street Zen cut shares of QuidelOrtho from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Citigroup reissued a “neutral” rating and issued a $33.00 price objective (down from $40.00) on shares of QuidelOrtho in a research note on Tuesday.

Institutional Investors Weigh In On QuidelOrtho

A number of large investors have recently added to or reduced their stakes in QDEL. AQR Capital Management LLC grew its stake in QuidelOrtho by 230.3% in the 1st quarter. AQR Capital Management LLC now owns 2,655,576 shares of the company’s stock valued at $90,130,000 after acquiring an additional 1,851,590 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in QuidelOrtho by 201.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 941,370 shares of the company’s stock valued at $27,130,000 after acquiring an additional 629,246 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of QuidelOrtho by 46.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,678,670 shares of the company’s stock worth $48,385,000 after purchasing an additional 529,770 shares during the last quarter. State Street Corp boosted its stake in shares of QuidelOrtho by 23.3% during the 2nd quarter. State Street Corp now owns 2,700,940 shares of the company’s stock worth $77,841,000 after purchasing an additional 510,291 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of QuidelOrtho by 42.4% during the 1st quarter. American Century Companies Inc. now owns 1,588,645 shares of the company’s stock worth $55,555,000 after purchasing an additional 473,094 shares during the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

QuidelOrtho Stock Performance

Shares of QDEL opened at $27.86 on Thursday. The company has a 50-day simple moving average of $27.39 and a 200-day simple moving average of $28.77. The company has a quick ratio of 0.62, a current ratio of 1.12 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $1.89 billion, a PE ratio of -4.26 and a beta of 0.27. QuidelOrtho has a 52-week low of $22.05 and a 52-week high of $49.45.

QuidelOrtho (NASDAQ:QDEL) last announced 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. The business had revenue of $613.90 million during the quarter, compared to the consensus estimate of $612.36 million. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) EPS. Equities research analysts predict that QuidelOrtho will post 2.3 earnings per share for the current fiscal year.

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.