QuidelOrtho (NASDAQ:QDEL) Shares Gap Up Following Earnings Beat

QuidelOrtho Co. (NASDAQ:QDEL) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $25.85, but opened at $28.66. QuidelOrtho shares last traded at $34.25, with a volume of 1,216,898 shares.

The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.13. QuidelOrtho had a negative net margin of 72.84% and a positive return on equity of 3.78%. The business had revenue of $692.80 million for the quarter, compared to analyst estimates of $694.97 million. During the same quarter in the prior year, the firm earned $0.44 EPS. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on QDEL. Royal Bank of Canada cut their price target on QuidelOrtho from $64.00 to $61.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. StockNews.com lowered shares of QuidelOrtho from a “buy” rating to a “hold” rating in a research report on Saturday, February 15th. Jefferies Financial Group raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Thursday. UBS Group dropped their price objective on shares of QuidelOrtho from $45.00 to $29.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on QuidelOrtho from $38.00 to $25.00 and set an “underweight” rating on the stock in a research report on Monday, April 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, QuidelOrtho presently has a consensus rating of “Hold” and an average target price of $44.33.

Institutional Trading of QuidelOrtho

A number of institutional investors have recently bought and sold shares of the business. Quarry LP bought a new position in shares of QuidelOrtho in the 4th quarter worth $43,000. True Wealth Design LLC boosted its holdings in QuidelOrtho by 300.7% during the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company’s stock worth $48,000 after buying an additional 806 shares during the last quarter. Blue Trust Inc. boosted its holdings in QuidelOrtho by 188.0% during the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company’s stock worth $58,000 after buying an additional 844 shares during the last quarter. Spire Wealth Management acquired a new position in shares of QuidelOrtho during the 4th quarter worth about $74,000. Finally, KBC Group NV increased its stake in shares of QuidelOrtho by 122.9% in the 4th quarter. KBC Group NV now owns 3,437 shares of the company’s stock valued at $153,000 after acquiring an additional 1,895 shares during the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

QuidelOrtho Stock Down 0.4 %

The business’s 50-day moving average is $31.41 and its two-hundred day moving average is $38.15. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -1.20 and a beta of 0.13. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.69 and a current ratio of 1.22.

QuidelOrtho Company Profile

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.