State of Alaska Department of Revenue Buys 2,945 Shares of QuidelOrtho Corporation $QDEL

State of Alaska Department of Revenue increased its stake in shares of QuidelOrtho Corporation (NASDAQ:QDEL) by 8.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,466 shares of the company’s stock after buying an additional 2,945 shares during the quarter. State of Alaska Department of Revenue owned 0.06% of QuidelOrtho worth $1,136,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. GAMMA Investing LLC lifted its holdings in shares of QuidelOrtho by 3,377.0% during the first quarter. GAMMA Investing LLC now owns 85,047 shares of the company’s stock valued at $2,974,000 after acquiring an additional 82,601 shares during the period. Rhumbline Advisers increased its position in shares of QuidelOrtho by 0.6% during the 1st quarter. Rhumbline Advisers now owns 129,025 shares of the company’s stock worth $4,512,000 after purchasing an additional 770 shares in the last quarter. Merit Financial Group LLC lifted its holdings in QuidelOrtho by 226.2% during the 1st quarter. Merit Financial Group LLC now owns 22,071 shares of the company’s stock valued at $772,000 after purchasing an additional 15,304 shares during the last quarter. Pallas Capital Advisors LLC lifted its holdings in QuidelOrtho by 279.0% during the 1st quarter. Pallas Capital Advisors LLC now owns 36,823 shares of the company’s stock valued at $1,288,000 after purchasing an additional 27,106 shares during the last quarter. Finally, Yousif Capital Management LLC boosted its position in QuidelOrtho by 2.9% in the first quarter. Yousif Capital Management LLC now owns 25,950 shares of the company’s stock valued at $907,000 after buying an additional 734 shares in the last quarter. 99.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on QDEL. Citigroup cut their target price on shares of QuidelOrtho from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 6th. UBS Group cut their price objective on QuidelOrtho from $29.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Wall Street Zen cut QuidelOrtho from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of QuidelOrtho in a research note on Saturday, September 27th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $39.20.

QuidelOrtho Trading Down 6.1%

NASDAQ QDEL opened at $29.98 on Monday. QuidelOrtho Corporation has a 52 week low of $22.05 and a 52 week high of $49.45. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. The stock’s 50 day moving average price is $27.21 and its two-hundred day moving average price is $28.82. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of -4.58 and a beta of 0.27.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.11. The business 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% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.07) earnings per share. As a group, analysts anticipate that QuidelOrtho Corporation will post 2.3 earnings per share 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.