QuidelOrtho (NASDAQ:QDEL) Issues Earnings Results

QuidelOrtho (NASDAQ:QDEL) released its quarterly earnings results on Wednesday. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.08), FiscalAI reports. QuidelOrtho had a positive return on equity of 5.75% and a negative net margin of 42.53%.The firm had revenue of $723.60 million for the quarter, compared to analysts’ expectations of $699.80 million.

QuidelOrtho Stock Performance

QDEL traded down $0.41 on Wednesday, reaching $28.80. The company had a trading volume of 1,200,839 shares, compared to its average volume of 1,004,039. The company has a quick ratio of 0.98, a current ratio of 1.78 and a debt-to-equity ratio of 1.23. QuidelOrtho has a 1 year low of $19.50 and a 1 year high of $43.92. The stock has a market capitalization of $1.96 billion, a PE ratio of -1.69 and a beta of 0.68. The stock has a 50-day moving average price of $29.69 and a 200-day moving average price of $27.75.

Analyst Ratings Changes

A number of equities analysts recently commented on QDEL shares. UBS Group raised their target price on QuidelOrtho from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Wednesday, January 21st. JPMorgan Chase & Co. cut their target price on shares of QuidelOrtho from $26.00 to $22.00 and set an “underweight” rating on the stock in a research note on Friday, November 7th. Zacks Research raised shares of QuidelOrtho from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 13th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of QuidelOrtho in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, QuidelOrtho has an average rating of “Hold” and an average price target of $39.00.

Insider Transactions at QuidelOrtho

In other news, CEO Brian J. Blaser bought 23,500 shares of QuidelOrtho stock in a transaction dated Wednesday, November 19th. The stock was acquired at an average cost of $21.34 per share, with a total value of $501,490.00. Following the acquisition, the chief executive officer owned 29,533 shares of the company’s stock, valued at approximately $630,234.22. This trade represents a 389.52% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Joseph M. Busky bought 4,770 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was purchased at an average cost of $26.06 per share, with a total value of $124,306.20. Following the completion of the transaction, the chief financial officer owned 6,920 shares in the company, valued at approximately $180,335.20. This trade represents a 221.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 29,390 shares of company stock worth $657,340 in the last quarter. Insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On QuidelOrtho

A number of hedge funds have recently modified their holdings of the business. Deutsche Bank AG raised its position in QuidelOrtho by 2.2% in the 4th quarter. Deutsche Bank AG now owns 106,711 shares of the company’s stock valued at $3,048,000 after purchasing an additional 2,317 shares during the last quarter. JPMorgan Chase & Co. grew its position in QuidelOrtho by 0.7% during the 4th quarter. JPMorgan Chase & Co. now owns 126,404 shares of the company’s stock worth $3,610,000 after purchasing an additional 903 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in QuidelOrtho by 101.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,755,401 shares of the company’s stock valued at $50,134,000 after purchasing an additional 883,077 shares during the period. Norges Bank purchased a new stake in shares of QuidelOrtho in the fourth quarter valued at about $1,321,000. Finally, Global Retirement Partners LLC boosted its stake in shares of QuidelOrtho by 3,691.7% during the fourth quarter. Global Retirement Partners LLC now owns 910 shares of the company’s stock worth $26,000 after buying an additional 886 shares during the period. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

About QuidelOrtho

QuidelOrtho is a global diagnostics company formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics. The combined entity develops, manufactures and markets a broad portfolio of rapid and high-throughput diagnostic solutions across immunoassay, molecular diagnostics and transfusion medicine. Its offerings span point-of-care platforms for acute care testing as well as large-scale automated systems designed for clinical laboratories and blood banks.

The company’s product range includes rapid antigen and antibody tests for infectious diseases, molecular assays utilizing nucleic acid amplification technology, and integrated immunodiagnostic analyzers.