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

Entropy Technologies LP decreased its holdings in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 75.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in QDEL. Vanguard Group Inc. lifted its holdings in QuidelOrtho by 0.8% during the first quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock valued at $233,906,000 after purchasing an additional 37,733 shares in the last quarter. Rubric Capital Management LP raised its position in shares of QuidelOrtho by 51.9% during the 2nd quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after purchasing an additional 1,245,590 shares during the last quarter. Maverick Capital Ltd. lifted its stake in QuidelOrtho by 27.5% in the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock valued at $57,434,000 after buying an additional 372,662 shares in the last quarter. Private Management Group Inc. boosted its holdings in QuidelOrtho by 2.6% in the 3rd quarter. Private Management Group Inc. now owns 626,705 shares of the company’s stock worth $28,578,000 after buying an additional 16,084 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. increased its stake in QuidelOrtho by 9.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 593,157 shares of the company’s stock worth $19,705,000 after buying an additional 52,729 shares in the last quarter. Institutional investors and hedge funds own 99.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on QDEL shares. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. UBS Group started coverage on shares of QuidelOrtho in a research note on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price target on shares of QuidelOrtho in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $58.83.

QuidelOrtho Stock Down 7.1 %

Shares of NASDAQ:QDEL opened at $36.18 on Friday. QuidelOrtho Co. has a 52-week low of $29.74 and a 52-week high of $75.86. The company has a quick ratio of 0.81, a current ratio of 1.38 and a debt-to-equity ratio of 0.68. The business has a fifty day moving average of $42.03 and a two-hundred day moving average of $40.45. The stock has a market cap of $2.43 billion, a P/E ratio of -1.30 and a beta of 0.12.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.55. The firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $642.16 million. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. QuidelOrtho’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. On average, research analysts expect that QuidelOrtho Co. will post 1.72 earnings per share for the current 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.