Covestor Ltd Trims Stake in QuidelOrtho Co. (NASDAQ:QDEL)

Covestor Ltd cut its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 28.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,815 shares of the company’s stock after selling 732 shares during the period. Covestor Ltd’s holdings in QuidelOrtho were worth $83,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new position in shares of QuidelOrtho during the 3rd quarter valued at about $25,000. Fifth Third Bancorp raised its stake in QuidelOrtho by 907.3% during the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock worth $27,000 after acquiring an additional 744 shares during the period. GAMMA Investing LLC lifted its holdings in QuidelOrtho by 27.0% during the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after purchasing an additional 378 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of QuidelOrtho in the first quarter worth approximately $86,000. Finally, Innealta Capital LLC purchased a new stake in shares of QuidelOrtho in the second quarter worth $102,000. Institutional investors own 99.00% of the company’s stock.

QuidelOrtho Stock Down 2.7 %

QDEL opened at $40.02 on Thursday. QuidelOrtho Co. has a 52 week low of $29.74 and a 52 week high of $75.86. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. The firm has a 50-day simple moving average of $42.29 and a two-hundred day simple moving average of $40.49. The company has a market capitalization of $2.69 billion, a PE ratio of -1.43 and a beta of 0.12.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.55. The business had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $642.16 million. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. Analysts forecast that QuidelOrtho Co. will post 1.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

QDEL has been the topic of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and upped their price objective for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. Finally, UBS Group assumed coverage on QuidelOrtho in a research note on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $58.83.

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.