QuidelOrtho (NASDAQ:QDEL) Stock Price Down 5.5% – What’s Next?

QuidelOrtho Corporation (NASDAQ:QDEL)’s share price traded down 5.5% on Friday . The company traded as low as $29.70 and last traded at $30.16. 889,444 shares traded hands during trading, a decline of 32% from the average session volume of 1,312,615 shares. The stock had previously closed at $31.93.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of QuidelOrtho in a report on Saturday, September 27th. Citigroup reduced their target price on QuidelOrtho from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. Wall Street Zen cut QuidelOrtho from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, UBS Group cut their price target on shares of QuidelOrtho from $29.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $39.20.

QuidelOrtho Trading Down 6.1%

The firm has a market cap of $2.04 billion, a P/E ratio of -4.58 and a beta of 0.27. The stock has a fifty day simple moving average of $27.21 and a 200 day simple moving average of $28.87. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.01 by $0.11. The company had revenue of $613.90 million for the quarter, compared to analysts’ expectations of $612.36 million. QuidelOrtho had a positive return on equity of 5.29% and a negative net margin of 16.10%.QuidelOrtho’s revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.07) earnings per share. On average, research analysts expect that QuidelOrtho Corporation will post 2.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On QuidelOrtho

A number of large investors have recently added to or reduced their stakes in QDEL. Allworth Financial LP grew its position in QuidelOrtho by 2,460.9% in the 2nd quarter. Allworth Financial LP now owns 1,178 shares of the company’s stock worth $34,000 after purchasing an additional 1,132 shares during the period. Summit Securities Group LLC bought a new position in QuidelOrtho in the first quarter valued at about $36,000. Quarry LP increased its position in shares of QuidelOrtho by 47.1% during the 1st quarter. Quarry LP now owns 1,436 shares of the company’s stock valued at $50,000 after purchasing an additional 460 shares during the last quarter. Blue Trust Inc. increased its position in shares of 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 purchasing an additional 623 shares during the last quarter. Finally, Tableaux LLC purchased a new stake in shares of QuidelOrtho during the 2nd quarter valued at about $93,000. Institutional investors own 99.00% of the company’s stock.

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.