Q1 2024 EPS Estimates for QuidelOrtho Co. (NASDAQ:QDEL) Decreased by Analyst

QuidelOrtho Co. (NASDAQ:QDEL) – Equities research analysts at William Blair dropped their Q1 2024 EPS estimates for shares of QuidelOrtho in a report issued on Thursday, April 18th. William Blair analyst A. Brackmann now forecasts that the company will post earnings per share of $0.24 for the quarter, down from their prior forecast of $0.49. William Blair currently has a “Market Perform” rating on the stock. The consensus estimate for QuidelOrtho’s current full-year earnings is $2.28 per share. William Blair also issued estimates for QuidelOrtho’s Q2 2024 earnings at ($0.08) EPS and Q4 2024 earnings at $1.45 EPS.

QuidelOrtho (NASDAQ:QDEL) last posted its earnings results on Tuesday, February 13th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.84). The company had revenue of $742.60 million for the quarter, compared to analyst estimates of $796.91 million. QuidelOrtho had a positive return on equity of 5.54% and a negative net margin of 0.34%. The business’s quarterly revenue was down 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.74 EPS.

A number of other research firms have also recently issued reports on QDEL. Craig Hallum restated a “hold” rating on shares of QuidelOrtho in a research note on Wednesday, February 14th. JPMorgan Chase & Co. cut shares of QuidelOrtho from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $66.00 to $37.00 in a research note on Wednesday, February 14th. Raymond James reiterated an “outperform” rating and issued a $76.00 price objective (down previously from $100.00) on shares of QuidelOrtho in a research note on Wednesday, February 14th. Royal Bank of Canada dropped their price objective on shares of QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Finally, UBS Group reiterated a “sell” rating and issued a $42.00 price objective (down previously from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, QuidelOrtho currently has an average rating of “Hold” and an average price target of $61.60.

QuidelOrtho Stock Performance

NASDAQ QDEL opened at $40.40 on Monday. The firm has a 50-day moving average of $44.76 and a 200-day moving average of $60.16. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.88 and a current ratio of 1.57. The stock has a market cap of $2.70 billion, a PE ratio of -252.50 and a beta of 0.11. QuidelOrtho has a 52-week low of $37.78 and a 52-week high of $95.02.

Insider Activity

In other news, CFO Joseph M. Busky bought 2,150 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was bought at an average cost of $46.35 per share, for a total transaction of $99,652.50. Following the transaction, the chief financial officer now owns 2,150 shares of the company’s stock, valued at $99,652.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On QuidelOrtho

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of QuidelOrtho by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 4,841,410 shares of the company’s stock valued at $356,812,000 after purchasing an additional 44,770 shares during the last quarter. Senvest Management LLC grew its holdings in shares of QuidelOrtho by 7.6% during the 3rd quarter. Senvest Management LLC now owns 3,330,278 shares of the company’s stock valued at $243,244,000 after purchasing an additional 235,000 shares during the last quarter. Burgundy Asset Management Ltd. grew its holdings in shares of QuidelOrtho by 69.1% during the 3rd quarter. Burgundy Asset Management Ltd. now owns 1,350,032 shares of the company’s stock valued at $98,606,000 after purchasing an additional 551,524 shares during the last quarter. Rubric Capital Management LP grew its holdings in shares of QuidelOrtho by 230.6% during the 4th quarter. Rubric Capital Management LP now owns 980,063 shares of the company’s stock valued at $72,231,000 after purchasing an additional 683,637 shares during the last quarter. Finally, LGT Capital Partners LTD. grew its holdings in shares of QuidelOrtho by 69.9% during the 4th quarter. LGT Capital Partners LTD. now owns 954,466 shares of the company’s stock valued at $70,344,000 after purchasing an additional 392,790 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors and hedge funds.

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.