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

QuidelOrtho Co. (NASDAQ:QDEL) shares gapped down before the market opened on Monday . The stock had previously closed at $40.83, but opened at $39.91. QuidelOrtho shares last traded at $39.59, with a volume of 157,997 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on QDEL shares. Craig Hallum upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price target on shares of QuidelOrtho in a research report on Friday, August 16th. Finally, UBS Group began coverage on QuidelOrtho in a research report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $58.83.

QuidelOrtho Price Performance

The company has a debt-to-equity ratio of 0.70, a current ratio of 1.44 and a quick ratio of 0.79. The business has a fifty day moving average of $43.58 and a 200 day moving average of $40.67. The stock has a market cap of $2.67 billion, a PE ratio of -1.51 and a beta of 0.09.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.15. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The company had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $613.51 million. During the same period in the prior year, the business posted $0.26 EPS. The business’s revenue was down 4.2% on a year-over-year basis. Sell-side analysts anticipate that QuidelOrtho Co. will post 1.77 earnings per share for the current year.

Insider Transactions at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 214,732 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $38.97, for a total transaction of $8,368,106.04. Following the transaction, the insider now owns 10,113,040 shares of the company’s stock, valued at $394,105,168.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 1,007,444 shares of company stock valued at $40,044,226. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of QDEL. Fifth Third Bancorp raised its stake in QuidelOrtho by 907.3% during the second quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock worth $27,000 after acquiring an additional 744 shares during the period. GAMMA Investing LLC raised its position in shares of QuidelOrtho by 1,871.8% during the 1st quarter. GAMMA Investing LLC now owns 1,400 shares of the company’s stock worth $67,000 after purchasing an additional 1,329 shares during the period. Headlands Technologies LLC bought a new stake in shares of QuidelOrtho in the 1st quarter worth approximately $86,000. EMC Capital Management acquired a new position in QuidelOrtho during the 1st quarter valued at approximately $117,000. Finally, CWM LLC grew its stake in QuidelOrtho by 1,536.0% during the 1st quarter. CWM LLC now owns 2,814 shares of the company’s stock worth $135,000 after buying an additional 2,642 shares during the last quarter. 99.00% of the stock is currently 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.