QuidelOrtho (NASDAQ:QDEL) Releases Earnings Results

QuidelOrtho (NASDAQ:QDEL) issued its quarterly earnings data on Wednesday. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.44), Zacks reports. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%.

QuidelOrtho Trading Down 3.7 %

NASDAQ QDEL traded down $1.53 on Wednesday, reaching $39.94. 1,304,428 shares of the company were exchanged, compared to its average volume of 880,577. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. The business’s fifty day moving average price is $43.28 and its 200 day moving average price is $42.36. The stock has a market capitalization of $2.69 billion, a P/E ratio of -1.43 and a beta of 0.08. QuidelOrtho has a fifty-two week low of $29.74 and a fifty-two week high of $68.85.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on QDEL. Jefferies Financial Group started coverage on shares of QuidelOrtho in a research note on Tuesday, December 10th. They set a “hold” rating and a $43.00 target price on the stock. William Blair restated a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. StockNews.com upgraded QuidelOrtho from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Finally, Citigroup raised QuidelOrtho from a “neutral” rating to a “buy” rating and increased their target price for the company from $44.00 to $50.00 in a report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $53.43.

Insiders Place Their Bets

In related news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $35.31, for a total value of $291,667,061.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian J. Blaser bought 6,033 shares of QuidelOrtho stock in a transaction on Wednesday, December 11th. The stock was acquired at an average price of $41.42 per share, for a total transaction of $249,886.86. Following the transaction, the chief executive officer now directly owns 6,033 shares of the company’s stock, valued at approximately $249,886.86. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.00% 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.