Pinnacle Associates Ltd. Makes New Investment in QuidelOrtho Co. (NASDAQ:QDEL)

Pinnacle Associates Ltd. purchased a new position in QuidelOrtho Co. (NASDAQ:QDEL) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 85,375 shares of the company’s stock, valued at approximately $3,893,000. Pinnacle Associates Ltd. owned approximately 0.13% of QuidelOrtho at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of QDEL. Fifth Third Bancorp grew its holdings in shares of QuidelOrtho by 907.3% during the 2nd quarter. Fifth Third Bancorp now owns 826 shares of the company’s stock valued at $27,000 after purchasing an additional 744 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of QuidelOrtho by 27.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,778 shares of the company’s stock valued at $59,000 after purchasing an additional 378 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of QuidelOrtho during the 1st quarter valued at $86,000. Innealta Capital LLC bought a new position in shares of QuidelOrtho during the 2nd quarter valued at $102,000. Finally, Quest Partners LLC grew its holdings in shares of QuidelOrtho by 17,095.0% during the 2nd quarter. Quest Partners LLC now owns 3,439 shares of the company’s stock valued at $114,000 after purchasing an additional 3,419 shares during the last quarter. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on QDEL shares. Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and increased their price target for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. UBS Group started coverage on shares of QuidelOrtho in a research report on Thursday, September 19th. They set a “neutral” rating and a $50.00 price target for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $61.00 price target on shares of QuidelOrtho in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $58.83.

QuidelOrtho Trading Down 2.4 %

NASDAQ:QDEL opened at $38.05 on Friday. The company has a 50-day moving average price of $42.74 and a 200-day moving average price of $40.43. QuidelOrtho Co. has a 12 month low of $29.74 and a 12 month high of $75.86. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -1.37 and a beta of 0.09.

QuidelOrtho (NASDAQ:QDEL) last posted its earnings results on Wednesday, July 31st. The company reported ($0.07) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $613.51 million. During the same period last year, the company posted $0.26 EPS. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. Equities analysts predict that QuidelOrtho Co. will post 1.72 EPS for the current year.

Insider Transactions at QuidelOrtho

In related news, major shareholder Carlyle Group Inc. sold 78,180 shares of QuidelOrtho stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $39.94, for a total transaction of $3,122,509.20. Following the completion of the transaction, the insider now directly owns 8,441,022 shares of the company’s stock, valued at $337,134,418.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.00% of the company’s stock.

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.