QuidelOrtho Corporation $QDEL Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its holdings in QuidelOrtho Corporation (NASDAQ:QDEL) by 85.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,501 shares of the company’s stock after selling 746,313 shares during the period. JPMorgan Chase & Co. owned about 0.18% of QuidelOrtho worth $3,696,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Salomon & Ludwin LLC boosted its stake in shares of QuidelOrtho by 100.6% in the third quarter. Salomon & Ludwin LLC now owns 989 shares of the company’s stock valued at $30,000 after purchasing an additional 496 shares during the period. Texas Permanent School Fund Corp grew its stake in shares of QuidelOrtho by 1.9% in the second quarter. Texas Permanent School Fund Corp now owns 30,379 shares of the company’s stock worth $876,000 after acquiring an additional 578 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of QuidelOrtho by 118.1% in the third quarter. Nisa Investment Advisors LLC now owns 1,280 shares of the company’s stock valued at $38,000 after acquiring an additional 693 shares in the last quarter. Amalgamated Bank boosted its holdings in QuidelOrtho by 3.7% in the third quarter. Amalgamated Bank now owns 19,533 shares of the company’s stock valued at $575,000 after purchasing an additional 695 shares during the period. Finally, California State Teachers Retirement System increased its holdings in QuidelOrtho by 1.2% during the 2nd quarter. California State Teachers Retirement System now owns 62,188 shares of the company’s stock worth $1,792,000 after purchasing an additional 725 shares during the period. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Wall Street Analyst Weigh In

QDEL has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating in a research note on Saturday. Zacks Research cut shares of QuidelOrtho from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 17th. UBS Group set a $30.00 price target on QuidelOrtho in a research note on Thursday, February 12th. Citigroup increased their price objective on QuidelOrtho from $23.00 to $30.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of QuidelOrtho in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, QuidelOrtho has an average rating of “Reduce” and a consensus target price of $31.50.

QuidelOrtho Price Performance

Shares of NASDAQ QDEL opened at $17.25 on Friday. The stock has a market cap of $1.17 billion, a P/E ratio of -1.04 and a beta of 0.92. QuidelOrtho Corporation has a twelve month low of $14.45 and a twelve month high of $38.99. The stock has a 50 day moving average of $21.81 and a two-hundred day moving average of $25.96. The company has a current ratio of 1.50, a quick ratio of 0.90 and a debt-to-equity ratio of 1.29.

QuidelOrtho (NASDAQ:QDEL) last announced its earnings results on Wednesday, February 11th. The company reported $0.46 EPS 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 for the quarter, compared to analysts’ expectations of $699.80 million. During the same period in the previous year, the company posted $0.63 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, research analysts forecast that QuidelOrtho Corporation will post 2.3 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Matthew Strobeck purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were purchased at an average price of $23.96 per share, for a total transaction of $239,600.00. Following the transaction, the director directly owned 27,775 shares of the company’s stock, valued at approximately $665,489. The trade was a 56.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian J. Blaser acquired 10,540 shares of the firm’s stock in a transaction on Friday, February 13th. The shares were bought at an average cost of $23.59 per share, with a total value of $248,638.60. Following the completion of the transaction, the chief executive officer directly owned 40,073 shares in the company, valued at $945,322.07. This trade represents a 35.69% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 23,910 shares of company stock valued at $567,973 over the last quarter. 0.79% of the stock is currently owned by insiders.

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.