QuidelOrtho (NASDAQ:QDEL) Stock Crosses Below 50 Day Moving Average – Time to Sell?

QuidelOrtho Corporation (NASDAQ:QDEL) shares crossed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $12.59 and traded as low as $10.66. QuidelOrtho shares last traded at $10.70, with a volume of 2,816,779 shares.

Analyst Ratings Changes

A number of analysts have commented on the stock. Zacks Research raised shares of QuidelOrtho from a “strong sell” rating to a “hold” rating in a report on Friday, October 9th. Weiss Ratings restated a “sell (e+)” rating on shares of QuidelOrtho in a research report on Thursday, October 15th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $13.62.

QuidelOrtho Trading Down 16.7%

The company has a current ratio of 1.39, a quick ratio of 0.76 and a debt-to-equity ratio of 1.43. The stock has a market cap of $733.70 million, a P/E ratio of -1.98 and a beta of 0.77. The firm’s 50-day simple moving average is $12.59 and its 200 day simple moving average is $15.96.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.13. QuidelOrtho had a negative net margin of 39.20% and a positive return on equity of 4.88%. The firm had revenue of $618.90 million for the quarter, compared to analyst estimates of $627.83 million. During the same period in the prior year, the firm posted $0.80 earnings per share. The company’s quarterly revenue was down 11.6% compared to the same quarter last year. As a group, equities research analysts anticipate that QuidelOrtho Corporation will post 0.68 earnings per share for the current year.

Institutional Investors Weigh In On QuidelOrtho

Several institutional investors and hedge funds have recently modified their holdings of QDEL. GAMMA Investing LLC lifted its stake in QuidelOrtho by 67.7% in the second quarter. GAMMA Investing LLC now owns 2,185 shares of the company’s stock valued at $38,000 after acquiring an additional 882 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of QuidelOrtho by 14,166.7% in the 2nd quarter. IFP Advisors Inc now owns 2,568 shares of the company’s stock valued at $45,000 after purchasing an additional 2,550 shares during the period. Integrated Wealth Concepts LLC bought a new stake in QuidelOrtho during the 2nd quarter worth approximately $53,000. Allworth Financial LP purchased a new position in QuidelOrtho during the 2nd quarter valued at $56,000. Finally, Net Worth Advisory Group purchased a new stake in shares of QuidelOrtho in the 3rd quarter valued at $113,000. Hedge funds and other institutional investors own 99.00% of the company’s stock.

QuidelOrtho Company Profile

QuidelOrtho Corporation (NASDAQ:QDEL) is a global in vitro diagnostics company formed through the combination of Quidel Corporation and Ortho Clinical Diagnostics, a transaction completed in 2022. The company develops, manufactures and markets diagnostic technologies used to detect disease, guide treatment decisions and support blood-transfusion safety.

Its portfolio includes rapid immunoassays, molecular testing systems, clinical chemistry and immunohematology products, as well as laboratory automation solutions.