QuidelOrtho (NASDAQ:QDEL) Stock Rating Upgraded by Citigroup

QuidelOrtho (NASDAQ:QDEL) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has a $50.00 price target on the stock, up from their previous price target of $44.00. Citigroup’s price target indicates a potential upside of 20.19% from the company’s current price.

A number of other brokerages have also commented on QDEL. William Blair reissued a “market perform” rating on shares of QuidelOrtho in a report on Wednesday, November 20th. Royal Bank of Canada reissued an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and upped their price target for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. UBS Group initiated coverage on shares of QuidelOrtho in a research note on Thursday, September 19th. They set a “neutral” rating and a $50.00 price objective on the stock. Finally, Jefferies Financial Group assumed coverage on QuidelOrtho in a report on Tuesday. They set a “hold” rating and a $43.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, QuidelOrtho has an average rating of “Hold” and a consensus price target of $53.43.

QuidelOrtho Trading Up 0.2 %

QuidelOrtho stock opened at $41.60 on Wednesday. QuidelOrtho has a 52-week low of $29.74 and a 52-week high of $75.86. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -1.49 and a beta of 0.11. The firm has a 50-day moving average price of $40.04 and a two-hundred day moving average price of $40.08.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.55. QuidelOrtho had a positive return on equity of 4.24% and a negative net margin of 66.25%. The business had revenue of $727.00 million during the quarter, compared to the consensus estimate of $642.16 million. During the same period in the previous year, the firm posted $0.90 earnings per share. The business’s revenue was down 2.3% on a year-over-year basis. Sell-side analysts expect that QuidelOrtho will post 1.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On QuidelOrtho

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its holdings in QuidelOrtho by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 920,703 shares of the company’s stock worth $41,996,000 after buying an additional 16,059 shares during the period. M&T Bank Corp increased its position in shares of QuidelOrtho by 33.4% in the third quarter. M&T Bank Corp now owns 38,356 shares of the company’s stock worth $1,749,000 after acquiring an additional 9,607 shares in the last quarter. State Street Corp raised its holdings in shares of QuidelOrtho by 16.9% during the third quarter. State Street Corp now owns 1,907,898 shares of the company’s stock valued at $87,000,000 after acquiring an additional 275,522 shares during the period. Systematic Financial Management LP lifted its position in shares of QuidelOrtho by 6.9% in the 3rd quarter. Systematic Financial Management LP now owns 151,034 shares of the company’s stock valued at $6,887,000 after acquiring an additional 9,793 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of QuidelOrtho in the 3rd quarter valued at approximately $34,320,000. 99.00% of the stock is owned by hedge funds and other institutional investors.

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.