QuidelOrtho (NASDAQ:QDEL) Shares Climb 4.4% – Should You Buy?

QuidelOrtho Corporation (NASDAQ:QDEL) was up 4.4% during trading on Friday. The company traded as high as $10.74 and last traded at $11.0880. Approximately 206,045 shares were traded during trading, a decline of 89% from the average session volume of 1,807,546 shares. The stock had previously closed at $10.62.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on QDEL shares. Zacks Research raised QuidelOrtho from a “strong sell” rating to a “hold” rating in a report on Friday, October 9th. Weiss Ratings reissued 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $13.62.

QuidelOrtho Stock Performance

The company has a market capitalization of $736.87 million, a P/E ratio of -1.99 and a beta of 0.77. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.36 and a quick ratio of 0.75. The stock’s 50 day simple moving average is $12.31 and its two-hundred day simple moving average is $15.52.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.18 by $0.13. The business had revenue of $618.90 million for the quarter, compared to analysts’ expectations of $627.83 million. QuidelOrtho had a negative net margin of 14.24% and a positive return on equity of 3.22%. QuidelOrtho’s revenue was down 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 earnings per share. As a group, research analysts expect that QuidelOrtho Corporation will post 0.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Rice Hall James & Associates LLC acquired a new position in QuidelOrtho during the 2nd quarter valued at about $18,628,000. Tejara Capital Ltd bought a new position in shares of QuidelOrtho in the 2nd quarter valued at about $2,275,000. Paradigm Capital Management Inc. NY acquired a new stake in shares of QuidelOrtho during the 2nd quarter worth approximately $44,168,000. Edgestream Partners L.P. acquired a new stake in shares of QuidelOrtho during the 1st quarter worth approximately $1,937,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of QuidelOrtho during the 2nd quarter worth approximately $7,720,000. 99.00% of the stock is currently owned by institutional investors.

QuidelOrtho Company Profile

QuidelOrtho Corporation develops and manufactures diagnostic testing products used in healthcare settings. Its offerings include tests and instruments for immunoassay, molecular diagnostics, clinical chemistry, and transfusion medicine, as well as rapid tests designed for point-of-care use. The company serves hospitals, clinical laboratories, blood banks, physician offices, and other healthcare providers. Its product lines include the VITROS clinical laboratory systems, ORTHO VISION blood-bank analyzers, and Sofia rapid diagnostic platforms.