QuidelOrtho’s (QDEL) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of QuidelOrtho (NASDAQ:QDEL) in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a $61.00 price target on the stock.

QuidelOrtho Stock Performance

QuidelOrtho stock traded down $1.91 during mid-day trading on Thursday, reaching $40.10. 252,902 shares of the company traded hands, compared to its average volume of 1,089,548. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.44 and a quick ratio of 0.81. QuidelOrtho has a fifty-two week low of $29.74 and a fifty-two week high of $84.60. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of -1.59 and a beta of 0.07. The firm’s fifty day moving average is $36.87 and its two-hundred day moving average is $44.87.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The business had revenue of $637.00 million for the quarter, compared to analyst estimates of $613.51 million. During the same quarter in the prior year, the business posted $0.26 EPS. QuidelOrtho’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, equities research analysts expect that QuidelOrtho will post 1.85 earnings per share for the current fiscal year.

Insider Buying and Selling at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 64,263 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $40.23, for a total transaction of $2,585,300.49. Following the transaction, the insider now owns 12,395,920 shares in the company, valued at approximately $498,687,861.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 1,895,740 shares of company stock worth $67,672,787. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of QuidelOrtho

A number of hedge funds and other institutional investors have recently made changes to their positions in QDEL. Raymond James Financial Services Advisors Inc. increased its stake in shares of QuidelOrtho by 11.9% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 25,559 shares of the company’s stock worth $1,884,000 after acquiring an additional 2,727 shares during the period. Pacer Advisors Inc. increased its stake in shares of QuidelOrtho by 77.7% in the fourth quarter. Pacer Advisors Inc. now owns 7,431 shares of the company’s stock worth $548,000 after acquiring an additional 3,249 shares during the period. International Assets Investment Management LLC increased its stake in shares of QuidelOrtho by 7,410.5% in the fourth quarter. International Assets Investment Management LLC now owns 7,886 shares of the company’s stock worth $581,000 after acquiring an additional 7,781 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of QuidelOrtho by 4.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 148,923 shares of the company’s stock worth $10,976,000 after acquiring an additional 6,401 shares during the period. Finally, Perigon Wealth Management LLC acquired a new stake in QuidelOrtho during the fourth quarter valued at $232,000. Institutional investors and hedge funds 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.