QuidelOrtho (NASDAQ:QDEL) Shares Gap Up to $36.94

QuidelOrtho Co. (NASDAQ:QDEL)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $36.94, but opened at $37.89. QuidelOrtho shares last traded at $39.02, with a volume of 184,036 shares.

Analysts Set New Price Targets

Separately, Royal Bank of Canada reduced their target price on shares of QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $59.00.

QuidelOrtho Stock Up 4.0 %

The business’s 50 day moving average is $37.36 and its 200 day moving average is $46.71. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.55. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -1.49 and a beta of 0.07.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). QuidelOrtho had a positive return on equity of 3.96% and a negative net margin of 61.65%. The firm had revenue of $711.00 million during the quarter, compared to analyst estimates of $697.33 million. Equities analysts expect that QuidelOrtho Co. will post 1.85 earnings per share for the current year.

Insider Buying and Selling

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 127,981 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $36.19, for a total value of $4,631,632.39. Following the completion of the sale, the insider now owns 12,123,705 shares in the company, valued at approximately $438,756,883.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 1,118,874 shares of company stock valued at $37,880,875. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On QuidelOrtho

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Treasurer of the State of North Carolina lifted its position in QuidelOrtho by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 23,691 shares of the company’s stock worth $1,746,000 after buying an additional 230 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of QuidelOrtho by 2.2% during the 1st quarter. Louisiana State Employees Retirement System now owns 14,200 shares of the company’s stock valued at $681,000 after purchasing an additional 300 shares in the last quarter. State of Michigan Retirement System raised its holdings in shares of QuidelOrtho by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 12,127 shares of the company’s stock valued at $581,000 after purchasing an additional 300 shares in the last quarter. New York Life Investment Management LLC raised its holdings in shares of QuidelOrtho by 6.9% during the 4th quarter. New York Life Investment Management LLC now owns 5,509 shares of the company’s stock valued at $406,000 after purchasing an additional 355 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of QuidelOrtho by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after purchasing an additional 378 shares in the last quarter. Hedge funds and other 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.