ArrowMark Colorado Holdings LLC Sells 181,325 Shares of QuidelOrtho Corporation $QDEL

ArrowMark Colorado Holdings LLC lessened its position in QuidelOrtho Corporation (NASDAQ:QDEL) by 18.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 782,954 shares of the company’s stock after selling 181,325 shares during the period. ArrowMark Colorado Holdings LLC owned about 1.15% of QuidelOrtho worth $23,058,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Alliancebernstein L.P. lifted its holdings in QuidelOrtho by 1.9% during the 3rd quarter. Alliancebernstein L.P. now owns 79,594 shares of the company’s stock valued at $2,344,000 after purchasing an additional 1,451 shares during the last quarter. Creative Planning grew its stake in QuidelOrtho by 278.1% during the third quarter. Creative Planning now owns 28,595 shares of the company’s stock worth $842,000 after buying an additional 21,032 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in QuidelOrtho by 13.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,038 shares of the company’s stock worth $561,000 after buying an additional 2,265 shares during the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of QuidelOrtho by 184.9% during the third quarter. Bridgeway Capital Management LLC now owns 427,891 shares of the company’s stock worth $12,601,000 after buying an additional 277,687 shares in the last quarter. Finally, Comerica Bank increased its holdings in shares of QuidelOrtho by 1.8% during the third quarter. Comerica Bank now owns 77,921 shares of the company’s stock worth $2,295,000 after buying an additional 1,349 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

QuidelOrtho Price Performance

Shares of QDEL stock opened at $17.10 on Friday. QuidelOrtho Corporation has a 1 year low of $17.08 and a 1 year high of $38.99. The company has a current ratio of 1.50, a quick ratio of 0.90 and a debt-to-equity ratio of 1.29. The firm’s 50 day moving average is $26.60 and its 200-day moving average is $27.19. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -1.03 and a beta of 0.75.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. QuidelOrtho had a negative net margin of 41.46% and a positive return on equity of 5.91%. The business had revenue of $723.60 million during the quarter, compared to analyst estimates of $699.80 million. During the same quarter last year, the business posted $0.63 earnings per share. QuidelOrtho’s revenue for the quarter was up 2.2% compared to the same quarter last year. Sell-side analysts forecast that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.

Insider Activity

In other news, CFO Joseph M. Busky bought 3,370 shares of the stock in a transaction dated Friday, February 13th. The stock was bought at an average cost of $23.66 per share, with a total value of $79,734.20. Following the purchase, the chief financial officer owned 10,290 shares of the company’s stock, valued at approximately $243,461.40. This represents a 48.70% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Strobeck bought 10,000 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were purchased at an average price of $23.96 per share, with a total value of $239,600.00. Following the transaction, the director owned 27,775 shares of the company’s stock, valued at $665,489. The trade was a 56.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 23,910 shares of company stock valued at $567,973. Company insiders own 0.79% of the company’s stock.

Wall Street Analyst Weigh In

QDEL has been the topic of several recent analyst reports. UBS Group set a $30.00 target price on QuidelOrtho in a report on Thursday, February 12th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of QuidelOrtho in a report on Thursday, January 22nd. Citigroup lifted their price objective on QuidelOrtho from $23.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Finally, Zacks Research lowered QuidelOrtho from a “hold” rating to a “strong sell” rating in a research note on Tuesday, February 17th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $31.50.

About QuidelOrtho

QuidelOrtho is a global diagnostics company formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics. The combined entity develops, manufactures and markets a broad portfolio of rapid and high-throughput diagnostic solutions across immunoassay, molecular diagnostics and transfusion medicine. Its offerings span point-of-care platforms for acute care testing as well as large-scale automated systems designed for clinical laboratories and blood banks.

The company’s product range includes rapid antigen and antibody tests for infectious diseases, molecular assays utilizing nucleic acid amplification technology, and integrated immunodiagnostic analyzers.