QuidelOrtho (NASDAQ:QDEL) Shares Gap Down – What’s Next?

QuidelOrtho Co. (NASDAQ:QDEL)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $36.51, but opened at $35.21. QuidelOrtho shares last traded at $35.97, with a volume of 16,958 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Citigroup raised QuidelOrtho from a “neutral” rating to a “buy” rating and raised their price objective for the company from $44.00 to $50.00 in a research note on Wednesday, December 11th. UBS Group lifted their price target on shares of QuidelOrtho from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Royal Bank of Canada lowered their price objective on shares of QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. StockNews.com cut shares of QuidelOrtho from a “buy” rating to a “hold” rating in a report on Saturday, February 15th. Finally, Jefferies Financial Group assumed coverage on shares of QuidelOrtho in a report on Tuesday, December 10th. They issued a “hold” rating and a $43.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $51.20.

QuidelOrtho Stock Performance

The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The stock has a market cap of $2.42 billion, a P/E ratio of -1.18 and a beta of 0.10. The company’s 50-day simple moving average is $40.62 and its 200 day simple moving average is $41.65.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.44). QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. As a group, sell-side analysts expect that QuidelOrtho Co. will post 2.3 EPS for the current fiscal year.

Institutional Trading of QuidelOrtho

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP purchased a new stake in shares of QuidelOrtho in the fourth quarter worth about $43,000. True Wealth Design LLC lifted its stake in QuidelOrtho by 300.7% in the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company’s stock worth $48,000 after purchasing an additional 806 shares in the last quarter. Blue Trust Inc. boosted its holdings in QuidelOrtho by 188.0% in the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company’s stock valued at $58,000 after purchasing an additional 844 shares during the period. Spire Wealth Management purchased a new position in shares of QuidelOrtho during the 4th quarter valued at $74,000. Finally, KBC Group NV increased its holdings in shares of QuidelOrtho by 122.9% in the fourth quarter. KBC Group NV now owns 3,437 shares of the company’s stock worth $153,000 after purchasing an additional 1,895 shares during the period. 99.00% of the stock is currently owned by institutional investors.

QuidelOrtho Company Profile

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.