Clearline Capital LP Buys 6,300 Shares of QuidelOrtho Co. (NASDAQ:QDEL)

Clearline Capital LP grew its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 2.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 313,000 shares of the company’s stock after purchasing an additional 6,300 shares during the quarter. QuidelOrtho comprises about 0.6% of Clearline Capital LP’s holdings, making the stock its 26th biggest holding. Clearline Capital LP owned about 0.47% of QuidelOrtho worth $14,273,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Texas Permanent School Fund Corp raised its holdings in QuidelOrtho by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company’s stock worth $1,446,000 after purchasing an additional 257 shares in the last quarter. Balanced Rock Investment Advisors LLC increased its stake in shares of QuidelOrtho by 5.1% in the 2nd quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company’s stock worth $225,000 after acquiring an additional 329 shares in the last quarter. GAMMA Investing LLC lifted its position in QuidelOrtho by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after acquiring an additional 378 shares during the period. Algert Global LLC boosted its stake in QuidelOrtho by 1.0% during the second quarter. Algert Global LLC now owns 46,846 shares of the company’s stock worth $1,556,000 after acquiring an additional 450 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC increased its stake in shares of QuidelOrtho by 2.9% during the third quarter. Hunter Perkins Capital Management LLC now owns 18,588 shares of the company’s stock valued at $848,000 after purchasing an additional 530 shares in the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price target on shares of QuidelOrtho in a research report on Friday, August 16th. William Blair reissued a “market perform” rating on shares of QuidelOrtho in a research note on Wednesday, November 20th. UBS Group initiated coverage on shares of QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price target on the stock. Finally, Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $57.00 in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $58.83.

Insider Activity

In other news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of QuidelOrtho stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

QuidelOrtho Trading Down 0.3 %

QuidelOrtho stock opened at $41.00 on Monday. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of -1.47 and a beta of 0.12. The firm has a 50 day moving average of $40.88 and a 200 day moving average of $40.21. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.55. The firm had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $642.16 million. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 earnings per share. As a group, research analysts predict that QuidelOrtho Co. will post 1.73 earnings per share for the current year.

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.