QuidelOrtho (NASDAQ:QDEL) Stock Falls 8% – What’s Next?

QuidelOrtho Corporation (NASDAQ:QDEL)’s stock price traded down 8% during trading on Thursday. The company traded as low as $11.11 and last traded at $10.9550. 373,744 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,810,103 shares. The stock had previously closed at $11.91.

Analyst Ratings Changes

Several brokerages have weighed in on QDEL. Weiss Ratings reiterated a “sell (e+)” rating on shares of QuidelOrtho in a research note on Thursday, October 15th. Zacks Research raised QuidelOrtho from a “strong sell” rating to a “hold” rating in a report on Friday, October 9th. Four equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, QuidelOrtho has a consensus rating of “Reduce” and an average target price of $13.62.

QuidelOrtho Price Performance

The company has a quick ratio of 0.75, a current ratio of 1.36 and a debt-to-equity ratio of 1.40. The stock has a fifty day moving average of $12.44 and a two-hundred day moving average of $15.69. The stock has a market cap of $751.31 million, a price-to-earnings ratio of -2.02 and a beta of 0.77.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.13. QuidelOrtho had a negative net margin of 14.24% and a positive return on equity of 3.22%. The firm had revenue of $618.90 million for the quarter, compared to the consensus estimate of $627.83 million. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The firm’s revenue was down 11.6% on a year-over-year basis. On average, equities research analysts anticipate that QuidelOrtho Corporation will post 0.66 earnings per share for the current year.

Institutional Investors Weigh In On QuidelOrtho

Large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in QuidelOrtho in the 2nd quarter valued at about $196,212,000. Newtyn Management LLC lifted its position in QuidelOrtho by 45.3% during the second quarter. Newtyn Management LLC now owns 6,625,000 shares of the company’s stock worth $116,037,000 after buying an additional 2,066,528 shares during the period. Dimensional Fund Advisors LP grew its holdings in QuidelOrtho by 7.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,048,768 shares of the company’s stock valued at $50,085,000 after buying an additional 212,481 shares during the period. Paradigm Capital Management Inc. NY purchased a new position in shares of QuidelOrtho during the 2nd quarter worth about $44,168,000. Finally, Private Management Group Inc. grew its holdings in QuidelOrtho by 10.6% in the third quarter. Private Management Group Inc. now owns 2,290,299 shares of the company’s stock valued at $24,140,000 after purchasing an additional 219,908 shares during the period. Institutional investors and hedge funds own 99.00% of the company’s stock.

QuidelOrtho Company Profile

QuidelOrtho Corporation develops and manufactures diagnostic testing products used in healthcare settings. Its offerings include tests and instruments for immunoassay, molecular diagnostics, clinical chemistry, and transfusion medicine, as well as rapid tests designed for point-of-care use. The company serves hospitals, clinical laboratories, blood banks, physician offices, and other healthcare providers. Its product lines include the VITROS clinical laboratory systems, ORTHO VISION blood-bank analyzers, and Sofia rapid diagnostic platforms.