QuidelOrtho (NASDAQ:QDEL) Announces Quarterly Earnings Results, Misses Expectations By $0.08 EPS

QuidelOrtho (NASDAQ:QDEL) announced its quarterly earnings data on Wednesday. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.08), FiscalAI reports. QuidelOrtho had a positive return on equity of 5.75% and a negative net margin of 42.53%.The business had revenue of $723.60 million during the quarter, compared to analysts’ expectations of $699.80 million.

QuidelOrtho Stock Performance

Shares of NASDAQ:QDEL traded down $0.41 during midday trading on Wednesday, reaching $28.80. 1,201,870 shares of the company’s stock traded hands, compared to its average volume of 1,009,174. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.98 and a current ratio of 1.78. QuidelOrtho has a one year low of $19.50 and a one year high of $43.92. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -1.69 and a beta of 0.68. The stock has a 50 day moving average of $29.69 and a 200 day moving average of $27.75.

Insider Transactions at QuidelOrtho

In related news, CEO Brian J. Blaser bought 23,500 shares of the stock in a transaction on Wednesday, November 19th. The shares were acquired at an average price of $21.34 per share, for a total transaction of $501,490.00. Following the purchase, the chief executive officer owned 29,533 shares of the company’s stock, valued at approximately $630,234.22. The trade was a 389.52% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Joseph M. Busky purchased 4,770 shares of QuidelOrtho stock in a transaction dated Monday, November 24th. The stock was bought at an average price of $26.06 per share, with a total value of $124,306.20. Following the completion of the purchase, the chief financial officer directly owned 6,920 shares of the company’s stock, valued at approximately $180,335.20. This trade represents a 221.86% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 29,390 shares of company stock valued at $657,340. 0.79% of the stock is owned by insiders.

Institutional Investors Weigh In On QuidelOrtho

Hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank boosted its stake in shares of QuidelOrtho by 1.7% in the 3rd quarter. Swiss National Bank now owns 131,040 shares of the company’s stock worth $3,859,000 after buying an additional 2,200 shares during the last quarter. JPMorgan Chase & Co. boosted its position in QuidelOrtho by 0.7% in the fourth quarter. JPMorgan Chase & Co. now owns 126,404 shares of the company’s stock worth $3,610,000 after purchasing an additional 903 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of QuidelOrtho during the 2nd quarter valued at about $1,071,000. Quantinno Capital Management LP grew its stake in shares of QuidelOrtho by 125.8% during the 2nd quarter. Quantinno Capital Management LP now owns 44,904 shares of the company’s stock valued at $1,294,000 after purchasing an additional 25,021 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of QuidelOrtho during the 2nd quarter valued at about $1,313,000. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

QDEL has been the topic of a number of analyst reports. Zacks Research raised QuidelOrtho from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 13th. UBS Group lifted their price objective on QuidelOrtho from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Wednesday, January 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of QuidelOrtho in a research note on Thursday, January 22nd. Finally, JPMorgan Chase & Co. reduced their price target on QuidelOrtho from $26.00 to $22.00 and set an “underweight” rating for the company in a report on Friday, November 7th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, QuidelOrtho currently has a consensus rating of “Hold” and a consensus target price of $39.00.

QuidelOrtho Company Profile

QuidelOrtho is a global diagnostics company formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics. The combined entity develops, manufactures and markets a broad portfolio of rapid and high-throughput diagnostic solutions across immunoassay, molecular diagnostics and transfusion medicine. Its offerings span point-of-care platforms for acute care testing as well as large-scale automated systems designed for clinical laboratories and blood banks.

The company’s product range includes rapid antigen and antibody tests for infectious diseases, molecular assays utilizing nucleic acid amplification technology, and integrated immunodiagnostic analyzers.