QuidelOrtho (NASDAQ:QDEL) Shares Up 4.4% – Here’s Why

QuidelOrtho Corporation (NASDAQ:QDEL)’s share price shot up 4.4% during trading on Friday. The company traded as high as $10.74 and last traded at $11.0880. 206,045 shares were traded during trading, a decline of 89% from the average session volume of 1,807,546 shares. The stock had previously closed at $10.62.

Wall Street Analyst Weigh In

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

QuidelOrtho Trading Up 1.0%

The business has a 50 day simple moving average of $12.37 and a two-hundred day simple moving average of $15.60. The company has a current ratio of 1.36, a quick ratio of 0.75 and a debt-to-equity ratio of 1.40. The company has a market cap of $736.19 million, a PE ratio of -1.98 and a beta of 0.77.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.13. The business had revenue of $618.90 million during the quarter, compared to the consensus estimate of $627.83 million. QuidelOrtho had a positive return on equity of 3.22% and a negative net margin of 14.24%. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 earnings per share. On average, analysts forecast that QuidelOrtho Corporation will post 0.66 EPS for the current fiscal year.

Institutional Trading of QuidelOrtho

Hedge funds have recently added to or reduced their stakes in the business. Moody National Bank Trust Division increased its stake in shares of QuidelOrtho by 1.1% during the 2nd quarter. Moody National Bank Trust Division now owns 70,748 shares of the company’s stock valued at $1,239,000 after acquiring an additional 789 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of QuidelOrtho by 67.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,185 shares of the company’s stock worth $38,000 after acquiring an additional 882 shares during the period. Bfsg LLC lifted its holdings in shares of QuidelOrtho by 6.0% during the 3rd quarter. Bfsg LLC now owns 17,550 shares of the company’s stock worth $185,000 after acquiring an additional 995 shares during the period. Gabelli Funds LLC lifted its holdings in shares of QuidelOrtho by 0.6% during the 3rd quarter. Gabelli Funds LLC now owns 177,400 shares of the company’s stock worth $1,870,000 after acquiring an additional 1,000 shares during the period. Finally, Global Retirement Partners LLC boosted its position in shares of QuidelOrtho by 111.3% in the third quarter. Global Retirement Partners LLC now owns 2,628 shares of the company’s stock worth $28,000 after acquiring an additional 1,384 shares during the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

About QuidelOrtho

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.