Citigroup Reaffirms Neutral Rating for QuidelOrtho (NASDAQ:QDEL)

QuidelOrtho (NASDAQ:QDEL)‘s stock had its “neutral” rating reissued by equities researchers at Citigroup in a research report issued on Tuesday,Benzinga reports. They currently have a $33.00 target price on the stock, down from their prior target price of $40.00. Citigroup’s price target would suggest a potential upside of 11.49% from the company’s previous close.

A number of other brokerages also recently commented on QDEL. Wall Street Zen downgraded QuidelOrtho from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. UBS Group cut their price target on QuidelOrtho from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of QuidelOrtho in a research note on Saturday, September 27th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $37.80.

QuidelOrtho Stock Performance

QDEL stock opened at $29.60 on Tuesday. The stock’s 50 day simple moving average is $27.28 and its 200 day simple moving average is $28.78. QuidelOrtho has a 12-month low of $22.05 and a 12-month high of $49.45. The firm has a market cap of $2.01 billion, a P/E ratio of -4.53 and a beta of 0.27. The company has a current ratio of 1.12, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Bfsg LLC boosted its position in shares of QuidelOrtho by 6.8% in the second quarter. Bfsg LLC now owns 5,460 shares of the company’s stock worth $157,000 after buying an additional 347 shares during the period. Quarry LP raised its position in QuidelOrtho by 47.1% during the first quarter. Quarry LP now owns 1,436 shares of the company’s stock valued at $50,000 after buying an additional 460 shares during the period. Yousif Capital Management LLC lifted its stake in QuidelOrtho by 1.8% in the 2nd quarter. Yousif Capital Management LLC now owns 26,428 shares of the company’s stock worth $762,000 after acquiring an additional 478 shares in the last quarter. Texas Permanent School Fund Corp boosted its position in QuidelOrtho by 1.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 30,379 shares of the company’s stock worth $876,000 after acquiring an additional 578 shares during the period. Finally, Blue Trust Inc. grew its stake in QuidelOrtho by 46.4% during the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company’s stock valued at $57,000 after acquiring an additional 623 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

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.