Rise Advisors LLC Cuts Stock Position in QuidelOrtho Co. (NASDAQ:QDEL)

Rise Advisors LLC lessened its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 25.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 590 shares of the company’s stock after selling 200 shares during the quarter. Rise Advisors LLC’s holdings in QuidelOrtho were worth $49,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates grew its holdings in shares of QuidelOrtho by 30.3% during the first quarter. Raymond James & Associates now owns 10,654 shares of the company’s stock worth $1,198,000 after buying an additional 2,476 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of QuidelOrtho by 27.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,831 shares of the company’s stock valued at $1,668,000 after purchasing an additional 3,203 shares during the period. US Bancorp DE grew its holdings in shares of QuidelOrtho by 113.0% in the first quarter. US Bancorp DE now owns 1,444 shares of the company’s stock valued at $162,000 after purchasing an additional 766 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of QuidelOrtho by 58.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,141 shares of the company’s stock valued at $353,000 after purchasing an additional 1,154 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of QuidelOrtho by 905.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,081 shares of the company’s stock valued at $234,000 after purchasing an additional 1,874 shares during the period. Hedge funds and other institutional investors own 93.87% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on QDEL shares. JPMorgan Chase & Co. dropped their price objective on shares of QuidelOrtho from $91.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, August 9th. Raymond James decreased their target price on shares of QuidelOrtho from $130.00 to $110.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, August 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $136.00 target price on shares of QuidelOrtho in a research report on Wednesday, August 9th. Finally, StockNews.com started coverage on shares of QuidelOrtho in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, QuidelOrtho presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.17.

QuidelOrtho Stock Down 0.8 %

Shares of QDEL traded down $0.63 during mid-day trading on Friday, hitting $75.74. 1,718,480 shares of the company’s stock were exchanged, compared to its average volume of 516,972. The stock’s 50-day moving average is $81.11 and its 200-day moving average is $84.98. The company has a market cap of $5.06 billion, a price-to-earnings ratio of 114.76 and a beta of 0.27. QuidelOrtho Co. has a fifty-two week low of $66.88 and a fifty-two week high of $102.00. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.66.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results on Tuesday, August 8th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The firm had revenue of $665.10 million for the quarter, compared to analysts’ expectations of $615.11 million. QuidelOrtho had a net margin of 1.43% and a return on equity of 7.65%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.11 earnings per share. On average, sell-side analysts anticipate that QuidelOrtho Co. will post 4.96 earnings per share for the current fiscal year.

QuidelOrtho Profile

QuidelOrtho Corporation focuses on the development and manufacture of diagnostic testing technologies and 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.