QuidelOrtho (NASDAQ:QDEL) Shares Gap Down – Should You Sell?

Shares of QuidelOrtho Co. (NASDAQ:QDEL) gapped down before the market opened on Monday . The stock had previously closed at $40.83, but opened at $39.91. QuidelOrtho shares last traded at $39.59, with a volume of 157,997 shares traded.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Royal Bank of Canada reissued an “outperform” rating and set a $61.00 price target on shares of QuidelOrtho in a report on Friday, August 16th. UBS Group assumed coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 target price on the stock. Finally, Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $58.83.

QuidelOrtho Price Performance

The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of -1.51 and a beta of 0.09. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. The stock has a 50-day simple moving average of $43.58 and a 200 day simple moving average of $40.67.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.15. The business 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 firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period last year, the company posted $0.26 earnings per share. On average, equities research analysts forecast that QuidelOrtho Co. will post 1.77 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Carlyle Group Inc. sold 78,180 shares of QuidelOrtho stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $39.94, for a total transaction of $3,122,509.20. Following the completion of the sale, the insider now owns 8,441,022 shares of the company’s stock, valued at approximately $337,134,418.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 1,007,444 shares of company stock worth $40,044,226 in the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On QuidelOrtho

Several institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp increased its position in QuidelOrtho by 907.3% during the second quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock worth $27,000 after buying an additional 744 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of QuidelOrtho by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after acquiring an additional 378 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of QuidelOrtho in the 1st quarter valued at approximately $86,000. Innealta Capital LLC acquired a new stake in QuidelOrtho in the 2nd quarter worth approximately $102,000. Finally, Quest Partners LLC boosted its position in QuidelOrtho by 17,095.0% during the second quarter. Quest Partners LLC now owns 3,439 shares of the company’s stock worth $114,000 after purchasing an additional 3,419 shares during the period. Institutional investors and hedge funds 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.