QuidelOrtho (NASDAQ:QDEL) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of QuidelOrtho (NASDAQ:QDEL) in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a $61.00 price target on the stock.

QuidelOrtho Price Performance

Shares of NASDAQ QDEL traded down $1.91 during trading on Thursday, reaching $40.10. The company had a trading volume of 252,902 shares, compared to its average volume of 1,089,548. QuidelOrtho has a 52 week low of $29.74 and a 52 week high of $84.60. The stock has a market cap of $2.69 billion, a PE ratio of -1.59 and a beta of 0.07. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.81 and a current ratio of 1.44. The business’s 50 day moving average price is $36.87 and its 200-day moving average price is $44.87.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.15. The company had revenue of $637.00 million during the quarter, compared to the consensus estimate of $613.51 million. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The company’s revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. Analysts expect that QuidelOrtho will post 1.85 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Carlyle Group Inc. sold 127,981 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $36.19, for a total transaction of $4,631,632.39. Following the completion of the sale, the insider now directly owns 12,123,705 shares of the company’s stock, valued at $438,756,883.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 1,895,740 shares of company stock valued at $67,672,787 over the last ninety days. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On QuidelOrtho

Several large investors have recently bought and sold shares of QDEL. Fifth Third Bancorp increased its stake in QuidelOrtho by 907.3% in the second quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock valued at $27,000 after purchasing an additional 744 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of QuidelOrtho by 27.0% in the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after buying an additional 378 shares during the period. Headlands Technologies LLC acquired a new position in shares of QuidelOrtho in the first quarter valued at approximately $86,000. Innealta Capital LLC acquired a new position in shares of QuidelOrtho in the second quarter valued at approximately $102,000. Finally, Cetera Trust Company N.A acquired a new position in shares of QuidelOrtho in the fourth quarter valued at approximately $108,000. Institutional investors own 99.00% of the company’s stock.

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.