QuidelOrtho (NASDAQ:QDEL) Shares Gap Up – Here’s What Happened

QuidelOrtho Co. (NASDAQ:QDEL) shares gapped up before the market opened on Wednesday . The stock had previously closed at $35.35, but opened at $36.17. QuidelOrtho shares last traded at $34.79, with a volume of 59,222 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have weighed in on QDEL shares. Jefferies Financial Group started coverage on QuidelOrtho in a research report on Tuesday, December 10th. They issued a “hold” rating and a $43.00 target price on the stock. Royal Bank of Canada cut their price objective on shares of QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Citigroup raised shares of QuidelOrtho from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $44.00 to $50.00 in a research report on Wednesday, December 11th. UBS Group raised their price target on shares of QuidelOrtho from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, StockNews.com cut shares of QuidelOrtho from a “buy” rating to a “hold” rating in a report on Saturday, February 15th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, QuidelOrtho currently has a consensus rating of “Hold” and an average target price 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 firm’s fifty day moving average price is $40.50 and its 200-day moving average price is $41.59. The company has a market cap of $2.35 billion, a P/E ratio of -1.15 and a beta of 0.10.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in QuidelOrtho in the 4th quarter valued at $43,000. True Wealth Design LLC boosted its stake in shares of QuidelOrtho by 300.7% in the 4th quarter. True Wealth Design LLC now owns 1,074 shares of the company’s stock valued at $48,000 after purchasing an additional 806 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of 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 in the last quarter. Spire Wealth Management bought a new stake in shares of QuidelOrtho in the 4th quarter worth about $74,000. Finally, KBC Group NV increased its position in shares of QuidelOrtho by 122.9% during the 4th quarter. KBC Group NV now owns 3,437 shares of the company’s stock worth $153,000 after purchasing an additional 1,895 shares in the last quarter. Institutional investors own 99.00% of the company’s stock.

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.