Burkehill Global Management LP Makes New $8.91 Million Investment in QuidelOrtho Co. (NASDAQ:QDEL)

Burkehill Global Management LP acquired a new stake in QuidelOrtho Co. (NASDAQ:QDEL) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 200,000 shares of the company’s stock, valued at approximately $8,910,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealthfront Advisers LLC bought a new stake in QuidelOrtho in the 4th quarter valued at $545,000. Essex Investment Management Co. LLC acquired a new position in shares of QuidelOrtho in the fourth quarter valued at $2,842,000. PNC Financial Services Group Inc. raised its position in shares of QuidelOrtho by 19.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,926 shares of the company’s stock valued at $531,000 after purchasing an additional 1,983 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of QuidelOrtho during the 4th quarter worth about $2,169,000. Finally, Arizona State Retirement System boosted its holdings in shares of QuidelOrtho by 19.0% during the 4th quarter. Arizona State Retirement System now owns 19,498 shares of the company’s stock worth $869,000 after buying an additional 3,107 shares during the period. 99.00% of the stock is currently owned by institutional investors.

QuidelOrtho Trading Down 1.1 %

Shares of NASDAQ:QDEL opened at $36.87 on Thursday. QuidelOrtho Co. has a 1 year low of $29.74 and a 1 year high of $49.45. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69. The company has a market capitalization of $2.49 billion, a P/E ratio of -1.22 and a beta of 0.10. The business’s 50 day simple moving average is $42.29 and its 200 day simple moving average is $42.07.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.44). QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. On average, research analysts anticipate that QuidelOrtho Co. will post 2.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on QDEL. StockNews.com cut shares of QuidelOrtho from a “buy” rating to a “hold” rating in a report on Saturday, February 15th. William Blair reiterated a “market perform” rating on shares of QuidelOrtho in a research note on Wednesday, November 20th. Citigroup upgraded QuidelOrtho from a “neutral” rating to a “buy” rating and boosted their price target for the company from $44.00 to $50.00 in a research note on Wednesday, December 11th. Jefferies Financial Group initiated coverage on QuidelOrtho in a research report on Tuesday, December 10th. They set a “hold” rating and a $43.00 price objective on the stock. Finally, Royal Bank of Canada reduced their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $51.20.

About QuidelOrtho

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.