QuidelOrtho (NASDAQ:QDEL) Stock Rating Upgraded by Craig Hallum

Craig Hallum upgraded shares of QuidelOrtho (NASDAQ:QDEL) from a hold rating to a buy rating in a research report report published on Thursday morning, Marketbeat.com reports. The firm currently has $57.00 target price on the stock, up from their prior target price of $40.00.

Separately, Royal Bank of Canada reiterated an outperform rating and issued a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, QuidelOrtho presently has a consensus rating of Hold and an average target price of $57.50.

QuidelOrtho Stock Performance

QuidelOrtho stock opened at $43.45 on Thursday. The firm has a market capitalization of $2.91 billion, a P/E ratio of -1.65 and a beta of 0.08. The stock has a fifty day moving average price of $38.79 and a 200 day moving average price of $41.27. QuidelOrtho has a 52 week low of $29.74 and a 52 week high of $77.86. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70.

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. The firm had revenue of $637.00 million during the quarter, compared to analyst estimates of $613.51 million. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 earnings per share. Equities research analysts anticipate that QuidelOrtho will post 1.77 earnings per share for the current year.

Insider Activity at QuidelOrtho

In related news, major shareholder Carlyle Group Inc. sold 64,263 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $40.23, for a total value of $2,585,300.49. Following the completion of the transaction, the insider now owns 12,395,920 shares of the company’s stock, valued at $498,687,861.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 2,261,559 shares of company stock valued at $82,700,460. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC bought a new position in QuidelOrtho during the 1st quarter worth approximately $1,178,000. Dimensional Fund Advisors LP lifted its holdings in QuidelOrtho by 144.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock worth $66,961,000 after buying an additional 536,492 shares during the last quarter. Norges Bank bought a new position in QuidelOrtho during the 4th quarter worth approximately $41,968,000. Vanguard Group Inc. lifted its holdings in QuidelOrtho by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 4,841,410 shares of the company’s stock worth $356,812,000 after buying an additional 44,770 shares during the last quarter. Finally, Westwood Holdings Group Inc. bought a new position in QuidelOrtho during the 4th quarter worth approximately $3,691,000. Hedge funds and other institutional investors own 99.00% of the company’s stock.

QuidelOrtho Company 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.