Entropy Technologies LP Lowers Position in QuidelOrtho Co. (NASDAQ:QDEL)

Entropy Technologies LP reduced its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 75.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 5,172 shares of the company’s stock after selling 15,981 shares during the period. Entropy Technologies LP’s holdings in QuidelOrtho were worth $236,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of QDEL. Capital Performance Advisors LLP acquired a new stake in shares of QuidelOrtho during the third quarter valued at about $25,000. Fifth Third Bancorp increased its holdings in QuidelOrtho by 907.3% in 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 raised its position in QuidelOrtho by 27.0% in the second 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 period. Innealta Capital LLC purchased a new stake in QuidelOrtho in the second quarter valued at approximately $102,000. Finally, Quest Partners LLC lifted its stake in QuidelOrtho by 17,095.0% during the second quarter. Quest Partners LLC now owns 3,439 shares of the company’s stock worth $114,000 after purchasing an additional 3,419 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Craig Hallum upgraded QuidelOrtho from a “hold” rating to a “buy” rating and boosted their price objective for the company from $40.00 to $57.00 in a report on Thursday, September 5th. Royal Bank of Canada reiterated an “outperform” rating and set a $61.00 price target on shares of QuidelOrtho in a research note on Friday, August 16th. Finally, UBS Group assumed coverage on shares of QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price objective for the company. One investment 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.com, the stock has an average rating of “Hold” and an average target price of $58.83.

QuidelOrtho Price Performance

Shares of NASDAQ QDEL opened at $36.18 on Friday. The stock’s 50-day moving average is $42.03 and its two-hundred day moving average is $40.45. 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 company has a market cap of $2.43 billion, a price-to-earnings ratio of -1.30 and a beta of 0.12. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $75.86.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results on Thursday, November 7th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.55. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The firm had revenue of $727.00 million for the quarter, compared to analysts’ expectations of $642.16 million. During the same quarter last year, the company earned $0.90 earnings per share. The firm’s revenue was down 2.3% compared to the same quarter last year. Analysts forecast that QuidelOrtho Co. will post 1.72 EPS for the current fiscal year.

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.