QuidelOrtho (NASDAQ:QDEL) Shares Gap Down – What’s Next?

QuidelOrtho Co. (NASDAQ:QDEL) shares gapped down prior to trading on Tuesday . The stock had previously closed at $36.51, but opened at $35.21. QuidelOrtho shares last traded at $35.97, with a volume of 16,958 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on QDEL. UBS Group raised their target price on QuidelOrtho from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. 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. StockNews.com downgraded shares of QuidelOrtho from a “buy” rating to a “hold” rating in a research report on Saturday, February 15th. Royal Bank of Canada dropped their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Finally, Citigroup raised QuidelOrtho from a “neutral” rating to a “buy” rating and raised their price target for the company from $44.00 to $50.00 in a report on Wednesday, December 11th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $51.20.

QuidelOrtho Trading Down 0.9 %

The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The firm has a market cap of $2.36 billion, a P/E ratio of -1.16 and a beta of 0.10. The stock has a 50 day simple moving average of $40.40 and a 200-day simple moving average of $41.55.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.63 earnings per share (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, equities research analysts expect that QuidelOrtho Co. will post 2.3 EPS for the current fiscal year.

Institutional Investors Weigh In On QuidelOrtho

Large investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in shares of QuidelOrtho in the 4th quarter worth approximately $43,000. True Wealth Design LLC boosted its stake in shares of QuidelOrtho by 300.7% during the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company’s stock valued at $48,000 after purchasing an additional 806 shares during the period. Blue Trust Inc. lifted its holdings in QuidelOrtho by 188.0% during the 4th quarter. Blue Trust Inc. now owns 1,293 shares of the company’s stock valued at $58,000 after buying an additional 844 shares in the last quarter. Spire Wealth Management bought a new position in QuidelOrtho in the 4th quarter worth about $74,000. Finally, KBC Group NV increased its position in shares of QuidelOrtho by 122.9% during the fourth quarter. KBC Group NV now owns 3,437 shares of the company’s stock worth $153,000 after acquiring an additional 1,895 shares during the period. 99.00% of the stock is owned by institutional investors.

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.