Pallas Capital Advisors LLC Sells 20,884 Shares of QuidelOrtho Corporation $QDEL

Pallas Capital Advisors LLC lessened its position in shares of QuidelOrtho Corporation (NASDAQ:QDEL) by 56.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,939 shares of the company’s stock after selling 20,884 shares during the period. Pallas Capital Advisors LLC’s holdings in QuidelOrtho were worth $459,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of QDEL. Quarry LP grew its position in shares of QuidelOrtho by 47.1% during the 1st quarter. Quarry LP now owns 1,436 shares of the company’s stock worth $50,000 after purchasing an additional 460 shares in the last quarter. Voya Investment Management LLC boosted its stake in shares of QuidelOrtho by 9.2% in the first quarter. Voya Investment Management LLC now owns 8,243 shares of the company’s stock valued at $288,000 after buying an additional 692 shares during the period. Yousif Capital Management LLC increased its stake in QuidelOrtho by 2.9% during the 1st quarter. Yousif Capital Management LLC now owns 25,950 shares of the company’s stock worth $907,000 after acquiring an additional 734 shares during the period. Rhumbline Advisers raised its holdings in QuidelOrtho by 0.6% in the 1st quarter. Rhumbline Advisers now owns 129,025 shares of the company’s stock valued at $4,512,000 after acquiring an additional 770 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its position in shares of QuidelOrtho by 1.6% during the 1st quarter. New York State Teachers Retirement System now owns 56,900 shares of the company’s stock valued at $1,990,000 after acquiring an additional 900 shares during the period. Institutional investors own 99.00% of the company’s stock.

QuidelOrtho Price Performance

Shares of NASDAQ QDEL opened at $28.78 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74. The firm’s 50-day moving average price is $26.78 and its 200-day moving average price is $29.44. The firm has a market capitalization of $1.95 billion, a P/E ratio of -4.40 and a beta of 0.14. QuidelOrtho Corporation has a 1-year low of $22.05 and a 1-year high of $49.45.

QuidelOrtho (NASDAQ:QDEL) last posted its earnings results on Tuesday, August 5th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.01 by $0.11. The company had revenue of $613.90 million during the quarter, compared to the consensus estimate of $612.36 million. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.07) earnings per share. Equities research analysts anticipate that QuidelOrtho Corporation will post 2.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on QDEL shares. Wall Street Zen cut shares of QuidelOrtho from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th. UBS Group decreased their target price on shares of QuidelOrtho from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Finally, Citigroup decreased their target price on shares of QuidelOrtho from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $39.20.

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.