Key Points
- Director Ann Rhoads purchased 750 shares at $28.27 on Dec. 10 for a total of $21,202.50, bringing her direct stake to 15,021 shares (a 5.26% increase), according to an SEC filing.
- QuidelOrtho recently beat expectations with Q3 EPS of $0.80 (vs. $0.51 est.) and revenue of $699.9M, while the stock traded around $29.65 (up ~3%) and the company has a market cap of $2.01B and a negative trailing P/E.
- Institutional ownership is very high (about 99%), several hedge funds boosted positions in Q3, and analyst sentiment is mixed with an average rating of "Reduce" and a consensus target of $38.20.
QuidelOrtho Corporation (NASDAQ:QDEL - Get Free Report) Director Ann Rhoads purchased 750 shares of the company's stock in a transaction that occurred on Wednesday, December 10th. The shares were purchased at an average cost of $28.27 per share, for a total transaction of $21,202.50. Following the completion of the transaction, the director directly owned 15,021 shares of the company's stock, valued at $424,643.67. This represents a 5.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.
QuidelOrtho Stock Up 3.0%
QuidelOrtho stock traded up $0.85 during midday trading on Thursday, hitting $29.65. 106,056 shares of the stock were exchanged, compared to its average volume of 1,328,968. QuidelOrtho Corporation has a 52-week low of $19.50 and a 52-week high of $49.45. The company has a quick ratio of 0.98, a current ratio of 1.78 and a debt-to-equity ratio of 1.23. The business's 50-day moving average price is $26.47 and its 200-day moving average price is $27.49. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -1.74 and a beta of 0.58.
QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its earnings results on Wednesday, November 5th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.51 by $0.29. QuidelOrtho had a negative net margin of 42.53% and a positive return on equity of 5.75%. The firm had revenue of $699.90 million for the quarter, compared to analysts' expectations of $667.45 million. During the same quarter last year, the firm earned $0.85 EPS. The company's quarterly revenue was down 3.7% compared to the same quarter last year. QuidelOrtho has set its FY 2025 guidance at 2.000-2.150 EPS. On average, research analysts expect that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the business. CIBC Bancorp USA Inc. purchased a new stake in shares of QuidelOrtho during the third quarter worth $213,000. Verition Fund Management LLC raised its stake in shares of QuidelOrtho by 52.6% during the 3rd quarter. Verition Fund Management LLC now owns 69,736 shares of the company's stock valued at $2,054,000 after purchasing an additional 24,031 shares during the period. Newtyn Management LLC raised its stake in shares of QuidelOrtho by 58.3% during the 3rd quarter. Newtyn Management LLC now owns 2,700,000 shares of the company's stock valued at $79,515,000 after purchasing an additional 994,332 shares during the period. Millennium Management LLC purchased a new stake in QuidelOrtho during the 3rd quarter worth about $10,932,000. Finally, Larson Financial Group LLC boosted its stake in QuidelOrtho by 322.2% in the 3rd quarter. Larson Financial Group LLC now owns 1,330 shares of the company's stock worth $39,000 after purchasing an additional 1,015 shares during the period. 99.00% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the company. UBS Group boosted their price objective on QuidelOrtho from $26.00 to $31.00 and gave the stock a "neutral" rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. lowered their target price on QuidelOrtho from $26.00 to $22.00 and set an "underweight" rating on the stock in a research note on Friday, November 7th. Citigroup reissued a "neutral" rating and set a $33.00 target price (down from $40.00) on shares of QuidelOrtho in a research report on Tuesday, October 7th. Weiss Ratings reissued a "sell (e+)" rating on shares of QuidelOrtho in a research report on Wednesday, October 8th. Finally, Zacks Research cut QuidelOrtho from a "hold" rating to a "strong sell" rating in a research report on Monday, October 13th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus target price of $38.20.
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QuidelOrtho Company Profile
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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.
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