Monaco Asset Management SAM Takes $1.04 Million Position in QuidelOrtho Co. (NASDAQ:QDEL)

Monaco Asset Management SAM acquired a new stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,253 shares of the company’s stock, valued at approximately $1,038,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of QDEL. Rubric Capital Management LP raised its stake in shares of QuidelOrtho by 230.6% during the fourth quarter. Rubric Capital Management LP now owns 980,063 shares of the company’s stock valued at $72,231,000 after acquiring an additional 683,637 shares during the last quarter. Norges Bank bought a new position in shares of QuidelOrtho during the fourth quarter valued at about $41,968,000. Dimensional Fund Advisors LP increased its position in shares of QuidelOrtho by 144.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock valued at $66,961,000 after buying an additional 536,492 shares during the period. Invenomic Capital Management LP purchased a new position in shares of QuidelOrtho during the fourth quarter valued at about $37,144,000. Finally, Private Management Group Inc. increased its position in shares of QuidelOrtho by 132.0% during the first quarter. Private Management Group Inc. now owns 457,852 shares of the company’s stock valued at $21,949,000 after buying an additional 260,508 shares during the period. 99.00% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 24,390 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $30.09, for a total value of $733,895.10. Following the sale, the insider now owns 11,141,580 shares in the company, valued at $335,250,142.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 2,261,559 shares of company stock worth $82,700,460. 1.00% of the stock is currently owned by company insiders.

QuidelOrtho Price Performance

Shares of QDEL opened at $44.68 on Tuesday. The stock has a market cap of $3.00 billion, a PE ratio of -1.69 and a beta of 0.08. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44. QuidelOrtho Co. has a fifty-two week low of $29.74 and a fifty-two week high of $77.44. The firm’s 50-day simple moving average is $39.05 and its two-hundred day simple moving average is $41.20.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data 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. The business had revenue of $637.00 million for the quarter, compared to analysts’ expectations of $613.51 million. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The business’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.26 earnings per share. Analysts anticipate that QuidelOrtho Co. will post 1.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on QDEL. Royal Bank of Canada reiterated an “outperform” rating and set a $61.00 price target on shares of QuidelOrtho in a research report on Friday, August 16th. Craig Hallum upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating and boosted their price target for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, QuidelOrtho has a consensus rating of “Hold” and a consensus target price of $57.50.

QuidelOrtho 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.