Brokerages Set QuidelOrtho Co. (NASDAQ:QDEL) Target Price at $58.83

Shares of QuidelOrtho Co. (NASDAQ:QDEL) have earned a consensus recommendation of “Hold” from the seven brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $58.83.

Several research analysts have recently weighed in on the stock. UBS Group assumed coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price target for the company. Craig Hallum upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating and increased their target price for the stock from $40.00 to $57.00 in a report on Thursday, September 5th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th.

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 52,724 shares of the stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $30.87, for a total value of $1,627,589.88. Following the completion of the sale, the insider now owns 11,300,463 shares in the company, valued at $348,845,292.81. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 1,697,334 shares of company stock worth $62,666,450 over the last quarter. 1.00% of the stock is currently owned by insiders.

Institutional Trading of QuidelOrtho

A number of large investors have recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina increased its position in QuidelOrtho by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 23,691 shares of the company’s stock worth $1,746,000 after acquiring an additional 230 shares during the period. Texas Permanent School Fund Corp increased its position in QuidelOrtho by 0.6% during the second quarter. Texas Permanent School Fund Corp now owns 43,532 shares of the company’s stock worth $1,446,000 after acquiring an additional 257 shares during the period. State of Michigan Retirement System increased its position in QuidelOrtho by 2.5% during the first quarter. State of Michigan Retirement System now owns 12,127 shares of the company’s stock worth $581,000 after acquiring an additional 300 shares during the period. Balanced Rock Investment Advisors LLC increased its position in QuidelOrtho by 5.1% during the second quarter. Balanced Rock Investment Advisors LLC now owns 6,784 shares of the company’s stock worth $225,000 after acquiring an additional 329 shares during the period. Finally, GAMMA Investing LLC increased its position in QuidelOrtho by 27.0% during the second quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock worth $59,000 after acquiring an additional 378 shares during the period. Institutional investors and hedge funds own 99.00% of the company’s stock.

QuidelOrtho Stock Up 3.1 %

Shares of NASDAQ:QDEL opened at $45.55 on Friday. QuidelOrtho has a 52 week low of $29.74 and a 52 week high of $75.86. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44. The company has a market capitalization of $3.06 billion, a PE ratio of -1.73 and a beta of 0.08. The company has a 50 day moving average price of $42.75 and a two-hundred day moving average price of $41.25.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.15. The company had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $613.51 million. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.26 earnings per share. Analysts forecast that QuidelOrtho will post 1.77 earnings per share for the current year.

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.