QuidelOrtho (NASDAQ:QDEL) Hits New 1-Year Low – Here’s Why

QuidelOrtho Corporation (NASDAQ:QDEL)’s share price reached a new 52-week low on Monday . The stock traded as low as $19.50 and last traded at $19.61, with a volume of 662825 shares traded. The stock had previously closed at $20.83.

Analyst Upgrades and Downgrades

Several analysts have issued reports on QDEL shares. Zacks Research lowered shares of QuidelOrtho from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 17th. Weiss Ratings reissued a “sell (e+)” rating on shares of QuidelOrtho in a research note on Thursday, January 22nd. Citigroup raised their price target on QuidelOrtho from $23.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, February 12th. Finally, UBS Group set a $30.00 price objective on QuidelOrtho in a research note on Thursday, February 12th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, QuidelOrtho has an average rating of “Reduce” and an average price target of $31.50.

QuidelOrtho Stock Down 7.3%

The company has a market capitalization of $1.31 billion, a P/E ratio of -1.16 and a beta of 0.75. The company has a 50-day moving average of $27.64 and a two-hundred day moving average of $27.50. The company has a quick ratio of 0.90, a current ratio of 1.50 and a debt-to-equity ratio of 1.29.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $723.60 million during the quarter, compared to the consensus estimate of $699.80 million. QuidelOrtho had a positive return on equity of 5.91% and a negative net margin of 41.46%.The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.63 earnings per share. On average, research analysts predict that QuidelOrtho Corporation will post 2.3 EPS for the current year.

Insiders Place Their Bets

In related news, Director Matthew Strobeck purchased 10,000 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were purchased at an average cost of $23.96 per share, with a total value of $239,600.00. Following the transaction, the director directly owned 27,775 shares in the company, valued at $665,489. This trade represents a 56.26% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian J. Blaser acquired 10,540 shares of QuidelOrtho stock in a transaction that occurred on Friday, February 13th. The shares were bought at an average cost of $23.59 per share, with a total value of $248,638.60. Following the transaction, the chief executive officer owned 40,073 shares in the company, valued at $945,322.07. This represents a 35.69% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 24,660 shares of company stock worth $589,175. 0.79% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On QuidelOrtho

Institutional investors have recently modified their holdings of the stock. Invesco Ltd. raised its position in shares of QuidelOrtho by 87.0% in the 3rd quarter. Invesco Ltd. now owns 2,906,763 shares of the company’s stock worth $85,604,000 after purchasing an additional 1,352,503 shares during the last quarter. Newtyn Management LLC grew its position in QuidelOrtho by 58.3% during the 3rd quarter. Newtyn Management LLC now owns 2,700,000 shares of the company’s stock valued at $79,515,000 after purchasing an additional 994,332 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in QuidelOrtho by 101.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,755,401 shares of the company’s stock valued at $50,134,000 after purchasing an additional 883,077 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in QuidelOrtho by 7.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,832,098 shares of the company’s stock worth $337,925,000 after buying an additional 819,908 shares during the last quarter. Finally, Rice Hall James & Associates LLC raised its holdings in QuidelOrtho by 222.0% in the fourth quarter. Rice Hall James & Associates LLC now owns 833,791 shares of the company’s stock worth $23,813,000 after buying an additional 574,877 shares during the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

About QuidelOrtho

QuidelOrtho is a global diagnostics company formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics. The combined entity develops, manufactures and markets a broad portfolio of rapid and high-throughput diagnostic solutions across immunoassay, molecular diagnostics and transfusion medicine. Its offerings span point-of-care platforms for acute care testing as well as large-scale automated systems designed for clinical laboratories and blood banks.

The company’s product range includes rapid antigen and antibody tests for infectious diseases, molecular assays utilizing nucleic acid amplification technology, and integrated immunodiagnostic analyzers.