Beaconlight Capital LLC Invests $18.15 Million in QuidelOrtho Co. (NASDAQ:QDEL)

Beaconlight Capital LLC bought a new position in shares of QuidelOrtho Co. (NASDAQ:QDEL) during the third quarter, HoldingsChannel.com reports. The firm bought 398,072 shares of the company’s stock, valued at approximately $18,152,000. QuidelOrtho accounts for approximately 7.4% of Beaconlight Capital LLC’s holdings, making the stock its 4th biggest holding.

Several other large investors also recently bought and sold shares of QDEL. Capital Performance Advisors LLP purchased a new position in shares of QuidelOrtho during the 3rd quarter worth approximately $25,000. 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 in the last quarter. 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 buying an additional 378 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of QuidelOrtho in the second quarter worth $102,000. Finally, Quest Partners LLC lifted its position in shares of QuidelOrtho by 17,095.0% in the second quarter. Quest Partners LLC now owns 3,439 shares of the company’s stock valued at $114,000 after acquiring an additional 3,419 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

QuidelOrtho Price Performance

QuidelOrtho stock traded down $0.18 during trading on Wednesday, reaching $40.98. The company had a trading volume of 962,118 shares, compared to its average volume of 1,166,096. QuidelOrtho Co. has a 12-month low of $29.74 and a 12-month high of $75.86. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 0.81. The stock’s 50 day moving average price is $41.18 and its two-hundred day moving average price is $40.26.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates 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 prior year, the firm posted $0.90 EPS. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, sell-side analysts forecast that QuidelOrtho Co. will post 1.73 earnings per share for the current year.

Insider Transactions at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on QDEL. UBS Group started coverage on QuidelOrtho in a research report on Thursday, September 19th. They set a “neutral” rating and a $50.00 price objective for the company. William Blair reissued a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Craig Hallum upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating and raised their target price for the stock from $40.00 to $57.00 in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price target on shares of QuidelOrtho in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $58.83.

QuidelOrtho 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.