QuidelOrtho Corporation $QDEL Stock: Gagnon Securities LLC Boosts Stake

Gagnon Securities LLC grew its stake in shares of QuidelOrtho Corporation (NASDAQ:QDEL) by 26.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,298,562 shares of the company’s stock after purchasing an additional 268,191 shares during the quarter. QuidelOrtho makes up about 2.4% of Gagnon Securities LLC’s holdings, making the stock its 19th largest position. Gagnon Securities LLC’s holdings in QuidelOrtho were worth $13,687,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Maryland State Retirement & Pension System acquired a new stake in shares of QuidelOrtho in the 3rd quarter valued at about $160,000. Illinois Municipal Retirement Fund lifted its position in shares of QuidelOrtho by 15.4% during the third quarter. Illinois Municipal Retirement Fund now owns 40,140 shares of the company’s stock worth $423,000 after purchasing an additional 5,345 shares during the last quarter. Private Management Group Inc. grew its stake in QuidelOrtho by 10.6% in the third quarter. Private Management Group Inc. now owns 2,290,299 shares of the company’s stock worth $24,140,000 after purchasing an additional 219,908 shares in the last quarter. Fulcrum Asset Management LLP grew its stake in QuidelOrtho by 337.4% in the third quarter. Fulcrum Asset Management LLP now owns 29,344 shares of the company’s stock worth $311,000 after purchasing an additional 22,636 shares in the last quarter. Finally, Bfsg LLC grew its stake in QuidelOrtho by 6.0% in the third quarter. Bfsg LLC now owns 17,550 shares of the company’s stock worth $185,000 after purchasing an additional 995 shares in the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

QDEL has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of QuidelOrtho in a report on Thursday, October 15th. Zacks Research raised QuidelOrtho from a “strong sell” rating to a “hold” rating in a report on Friday, October 9th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, QuidelOrtho presently has a consensus rating of “Reduce” and a consensus price target of $13.62.

QuidelOrtho Price Performance

Shares of NASDAQ:QDEL opened at $11.91 on Thursday. The company has a market cap of $817.15 million, a PE ratio of 13.40 and a beta of 0.77. QuidelOrtho Corporation has a fifty-two week low of $9.92 and a fifty-two week high of $35.58. The firm has a 50-day simple moving average of $12.44 and a 200 day simple moving average of $15.69. The company has a quick ratio of 0.75, a current ratio of 1.36 and a debt-to-equity ratio of 1.40.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results on Tuesday, November 3rd. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.13. QuidelOrtho had a negative net margin of 14.24% and a positive return on equity of 3.22%. The firm had revenue of $618.90 million for the quarter, compared to analysts’ expectations of $627.83 million. During the same quarter last year, the company posted $0.80 earnings per share. QuidelOrtho’s revenue was down 11.6% on a year-over-year basis. On average, sell-side analysts anticipate that QuidelOrtho Corporation will post 0.66 EPS for the current year.

QuidelOrtho Profile

QuidelOrtho Corporation develops and manufactures diagnostic testing products used in healthcare settings. Its offerings include tests and instruments for immunoassay, molecular diagnostics, clinical chemistry, and transfusion medicine, as well as rapid tests designed for point-of-care use. The company serves hospitals, clinical laboratories, blood banks, physician offices, and other healthcare providers. Its product lines include the VITROS clinical laboratory systems, ORTHO VISION blood-bank analyzers, and Sofia rapid diagnostic platforms.