QuidelOrtho (NASDAQ:QDEL) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of QuidelOrtho (NASDAQ:QDEL) in a report released on Thursday, Benzinga reports. They currently have a $61.00 price target on the stock.

QuidelOrtho Stock Up 0.5 %

Shares of QDEL traded up $0.20 during midday trading on Thursday, hitting $42.20. 954,773 shares of the company’s stock traded hands, compared to its average volume of 1,090,867. The company has a current ratio of 1.55, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. QuidelOrtho has a 1 year low of $29.74 and a 1 year high of $84.79. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -1.59 and a beta of 0.07. The firm’s fifty day moving average is $36.87 and its 200-day moving average is $45.46.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.59%. The firm had revenue of $637.00 million for the quarter, compared to analyst estimates of $613.51 million. During the same period in the previous year, the business posted $0.26 earnings per share. QuidelOrtho’s quarterly revenue was down 4.2% on a year-over-year basis. As a group, sell-side analysts anticipate that QuidelOrtho will post 1.85 earnings per share for the current year.

Insider Activity at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 127,981 shares of the stock in a transaction 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 of the company’s stock, valued at $438,756,883.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have sold 1,895,740 shares of company stock valued at $67,672,787. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On QuidelOrtho

Institutional investors and hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp raised its holdings in QuidelOrtho by 907.3% during the second quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock valued at $27,000 after buying an additional 744 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of QuidelOrtho by 27.0% in the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after buying an additional 378 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of QuidelOrtho during the first quarter worth approximately $86,000. Innealta Capital LLC bought a new stake in QuidelOrtho during the 2nd quarter worth about $102,000. Finally, Cetera Trust Company N.A bought a new position in QuidelOrtho during the fourth quarter worth about $108,000. 99.00% of the stock is 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.