Q1 2024 Earnings Forecast for QuidelOrtho Co. Issued By William Blair (NASDAQ:QDEL)

QuidelOrtho Co. (NASDAQ:QDEL) – Investment analysts at William Blair dropped their Q1 2024 earnings per share (EPS) estimates for shares of QuidelOrtho in a research report issued to clients and investors on Thursday, April 18th. William Blair analyst A. Brackmann now expects that the company will earn $0.24 per share for the quarter, down from their prior estimate of $0.49. William Blair currently has a “Market Perform” rating on the stock. The consensus estimate for QuidelOrtho’s current full-year earnings is $2.28 per share. William Blair also issued estimates for QuidelOrtho’s Q2 2024 earnings at ($0.08) EPS and Q4 2024 earnings at $1.45 EPS.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Tuesday, February 13th. The company reported $1.17 EPS for the quarter, missing the consensus estimate of $2.01 by ($0.84). QuidelOrtho had a positive return on equity of 5.54% and a negative net margin of 0.34%. The business had revenue of $742.60 million during the quarter, compared to the consensus estimate of $796.91 million. During the same quarter in the previous year, the business posted $1.74 earnings per share. QuidelOrtho’s quarterly revenue was down 14.3% compared to the same quarter last year.

A number of other research analysts also recently issued reports on the company. Raymond James reiterated an “outperform” rating and set a $76.00 price objective (down from $100.00) on shares of QuidelOrtho in a research note on Wednesday, February 14th. Royal Bank of Canada dropped their target price on shares of QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. UBS Group restated a “sell” rating and issued a $42.00 price objective (down from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. JPMorgan Chase & Co. cut shares of QuidelOrtho from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $66.00 to $37.00 in a research report on Wednesday, February 14th. Finally, Craig Hallum reaffirmed a “hold” rating on shares of QuidelOrtho in a research note on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $61.60.

QuidelOrtho Stock Performance

Shares of NASDAQ QDEL opened at $39.08 on Monday. The firm has a market capitalization of $2.61 billion, a price-to-earnings ratio of -244.25 and a beta of 0.11. The company has a current ratio of 1.57, a quick ratio of 0.88 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average of $45.29 and a 200 day moving average of $60.38. QuidelOrtho has a 12-month low of $37.78 and a 12-month high of $95.02.

Insider Activity at QuidelOrtho

In other news, CFO Joseph M. Busky purchased 2,150 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was purchased at an average cost of $46.35 per share, with a total value of $99,652.50. Following the purchase, the chief financial officer now owns 2,150 shares in the company, valued at $99,652.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On QuidelOrtho

Several hedge funds have recently bought and sold shares of QDEL. Global Retirement Partners LLC grew its stake in QuidelOrtho by 109.0% in the 3rd quarter. Global Retirement Partners LLC now owns 347 shares of the company’s stock worth $26,000 after acquiring an additional 181 shares in the last quarter. GAMMA Investing LLC raised its position in QuidelOrtho by 1,871.8% during the 1st quarter. GAMMA Investing LLC now owns 1,400 shares of the company’s stock valued at $67,000 after purchasing an additional 1,329 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in shares of QuidelOrtho in the 3rd quarter worth $106,000. Cetera Trust Company N.A bought a new position in shares of QuidelOrtho during the 4th quarter worth $108,000. Finally, C M Bidwell & Associates Ltd. bought a new stake in shares of QuidelOrtho in the third quarter valued at about $123,000. Institutional investors own 99.00% of the company’s stock.

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.