Gagnon Securities LLC Raises Position in QuidelOrtho Co. (NASDAQ:QDEL)

Gagnon Securities LLC raised its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 45.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,060 shares of the company’s stock after acquiring an additional 28,431 shares during the quarter. Gagnon Securities LLC owned approximately 0.14% of QuidelOrtho worth $4,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Rubric Capital Management LP increased its holdings in QuidelOrtho by 15.2% in the 3rd quarter. Rubric Capital Management LP now owns 4,200,000 shares of the company’s stock valued at $191,520,000 after acquiring an additional 554,410 shares during the last quarter. State Street Corp boosted its position in QuidelOrtho by 16.9% in the 3rd quarter. State Street Corp now owns 1,907,898 shares of the company’s stock valued at $87,000,000 after buying an additional 275,522 shares during the period. FMR LLC boosted its position in QuidelOrtho by 28.0% in the 3rd quarter. FMR LLC now owns 1,256,356 shares of the company’s stock valued at $57,290,000 after buying an additional 274,633 shares during the period. Geode Capital Management LLC lifted its position in shares of QuidelOrtho by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 920,703 shares of the company’s stock worth $41,996,000 after purchasing an additional 16,059 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of QuidelOrtho in the 3rd quarter worth approximately $34,320,000. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $35.31, for a total value of $291,667,061.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian J. Blaser purchased 6,033 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were acquired at an average price of $41.42 per share, with a total value of $249,886.86. Following the completion of the acquisition, the chief executive officer now owns 6,033 shares of the company’s stock, valued at approximately $249,886.86. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on QDEL. Citigroup upgraded shares of QuidelOrtho from a “neutral” rating to a “buy” rating and upped their price target for the company from $44.00 to $50.00 in a research note on Wednesday, December 11th. Jefferies Financial Group began coverage on shares of QuidelOrtho in a report on Tuesday, December 10th. They set a “hold” rating and a $43.00 price target on the stock. Finally, William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $53.43.

QuidelOrtho Stock Up 0.7 %

NASDAQ:QDEL opened at $43.46 on Friday. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $70.47. The company’s 50-day moving average is $43.03 and its two-hundred day moving average is $41.96. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.38.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Thursday, November 7th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.30 by $0.55. The company had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $642.16 million. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The business’s revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 EPS. Research analysts expect that QuidelOrtho Co. will post 1.73 EPS for the current fiscal year.

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.