QuidelOrtho (NASDAQ:QDEL) Reaches New 12-Month Low After Insider Selling

QuidelOrtho Co. (NASDAQ:QDEL) reached a new 52-week low on Tuesday after an insider sold shares in the company. The stock traded as low as $31.30 and last traded at $31.48, with a volume of 21720 shares trading hands. The stock had previously closed at $31.63.

Specifically, major shareholder Carlyle Group Inc. sold 127,981 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $36.19, for a total value of $4,631,632.39. Following the completion of the transaction, the insider now directly owns 12,123,705 shares in the company, valued at approximately $438,756,883.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 564,225 shares of company stock worth $20,034,011 in the last three months. 1.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Royal Bank of Canada reduced their price target on shares of QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. UBS Group reiterated a “sell” rating and set a $42.00 price target (down previously from $70.00) on shares of QuidelOrtho in a research report on Monday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, QuidelOrtho currently has a consensus rating of “Hold” and a consensus price target of $59.00.

QuidelOrtho Trading Down 1.0 %

The firm has a market cap of $2.10 billion, a PE ratio of -1.20 and a beta of 0.07. The company has a quick ratio of 0.81, a current ratio of 1.55 and a debt-to-equity ratio of 0.68. The stock’s fifty day simple moving average is $40.31 and its two-hundred day simple moving average is $51.32.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The business had revenue of $711.00 million during the quarter, compared to analysts’ expectations of $697.33 million. QuidelOrtho had a positive return on equity of 3.96% and a negative net margin of 61.65%. On average, sell-side analysts forecast that QuidelOrtho Co. will post 1.85 EPS for the current fiscal year.

Institutional Investors Weigh In On QuidelOrtho

A number of hedge funds and other institutional investors have recently bought and sold shares of QDEL. Vanguard Group Inc. grew its holdings in shares of QuidelOrtho by 0.8% during the first quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock valued at $233,906,000 after buying an additional 37,733 shares during the last quarter. Rubric Capital Management LP grew its holdings in shares of QuidelOrtho by 230.6% during the fourth quarter. Rubric Capital Management LP now owns 980,063 shares of the company’s stock valued at $72,231,000 after buying an additional 683,637 shares during the last quarter. LGT Capital Partners LTD. grew its holdings in shares of QuidelOrtho by 69.9% during the fourth quarter. LGT Capital Partners LTD. now owns 954,466 shares of the company’s stock valued at $70,344,000 after buying an additional 392,790 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of QuidelOrtho by 144.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock valued at $66,961,000 after buying an additional 536,492 shares during the last quarter. Finally, LSV Asset Management grew its holdings in shares of QuidelOrtho by 5.3% during the fourth quarter. LSV Asset Management now owns 776,674 shares of the company’s stock valued at $57,241,000 after buying an additional 39,279 shares during the last quarter. Hedge funds and other institutional investors 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.