QuidelOrtho (NASDAQ:QDEL) Share Price Crosses Below 50-Day Moving Average – Time to Sell?

QuidelOrtho Corporation (NASDAQ:QDEL)’s stock price passed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $12.59 and traded as low as $10.66. QuidelOrtho shares last traded at $10.70, with a volume of 2,816,779 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Zacks Research raised 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. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $13.62.

QuidelOrtho Stock Down 16.7%

The company has a quick ratio of 0.76, a current ratio of 1.36 and a debt-to-equity ratio of 1.40. The firm has a market cap of $734.13 million, a PE ratio of -1.98 and a beta of 0.77. The firm’s 50 day moving average is $12.59 and its 200-day moving average is $15.96.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results 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. QuidelOrtho had a negative net margin of 14.24% and a positive return on equity of 3.22%. The firm had revenue of $618.90 million for the quarter, compared to analyst estimates of $627.83 million. During the same quarter last year, the business earned $0.80 earnings per share. QuidelOrtho’s revenue was down 11.6% compared to the same quarter last year. As a group, equities research analysts expect that QuidelOrtho Corporation will post 0.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On QuidelOrtho

Institutional investors have recently added to or reduced their stakes in the business. Gagnon Advisors LLC grew its holdings in QuidelOrtho by 79.3% in the 3rd quarter. Gagnon Advisors LLC now owns 432,186 shares of the company’s stock valued at $4,555,000 after buying an additional 191,089 shares during the period. Gagnon Securities LLC increased its stake in shares of QuidelOrtho by 26.0% during the 3rd quarter. Gagnon Securities LLC now owns 1,298,562 shares of the company’s stock valued at $13,687,000 after acquiring an additional 268,191 shares during the last quarter. Maryland State Retirement & Pension System purchased a new position in shares of QuidelOrtho during the 3rd quarter worth about $160,000. Illinois Municipal Retirement Fund lifted its holdings in shares of QuidelOrtho by 15.4% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 40,140 shares of the company’s stock worth $423,000 after acquiring an additional 5,345 shares during the period. Finally, Private Management Group Inc. lifted its holdings in shares of QuidelOrtho by 10.6% during the 3rd quarter. Private Management Group Inc. now owns 2,290,299 shares of the company’s stock worth $24,140,000 after acquiring an additional 219,908 shares during the period. 99.00% of the stock is currently owned by institutional investors and hedge funds.

QuidelOrtho Company Profile

QuidelOrtho Corporation (NASDAQ:QDEL) is a global in vitro diagnostics company formed through the combination of Quidel Corporation and Ortho Clinical Diagnostics, a transaction completed in 2022. The company develops, manufactures and markets diagnostic technologies used to detect disease, guide treatment decisions and support blood-transfusion safety.

Its portfolio includes rapid immunoassays, molecular testing systems, clinical chemistry and immunohematology products, as well as laboratory automation solutions.