Research Analysts Set Expectations for QuidelOrtho Co.’s Q1 2024 Earnings (NASDAQ:QDEL)

QuidelOrtho Co. (NASDAQ:QDEL) – William Blair reduced their Q1 2024 EPS estimates for QuidelOrtho in a note issued to investors on Thursday, April 18th. William Blair analyst A. Brackmann now anticipates that the company will post earnings of $0.24 per share for the quarter, down from their previous estimate of $0.49. William Blair has a “Market Perform” rating on the stock. The consensus estimate for QuidelOrtho’s current full-year earnings is $2.28 per share. William Blair also issued estimates for QuidelOrtho’s Q2 2024 earnings at ($0.08) EPS and Q4 2024 earnings at $1.45 EPS.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Tuesday, February 13th. The company reported $1.17 EPS for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.84). QuidelOrtho had a positive return on equity of 5.54% and a negative net margin of 0.34%. The firm had revenue of $742.60 million for the quarter, compared to analyst estimates of $796.91 million. During the same period last year, the firm earned $1.74 EPS. The company’s revenue for the quarter was down 14.3% compared to the same quarter last year.

Several other brokerages also recently weighed in on QDEL. UBS Group reaffirmed a “sell” rating and set a $42.00 target price (down from $70.00) on shares of QuidelOrtho in a research note on Monday, March 4th. Raymond James restated an “outperform” rating and set a $76.00 price objective (down from $100.00) on shares of QuidelOrtho in a research report on Wednesday, February 14th. Craig Hallum reaffirmed a “hold” rating on shares of QuidelOrtho in a report on Wednesday, February 14th. JPMorgan Chase & Co. cut shares of QuidelOrtho from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $66.00 to $37.00 in a research note on Wednesday, February 14th. Finally, Royal Bank of Canada lowered their price objective on QuidelOrtho from $130.00 to $81.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $61.60.

QuidelOrtho Stock Performance

NASDAQ QDEL opened at $39.08 on Monday. The company has a current ratio of 1.57, a quick ratio of 0.88 and a debt-to-equity ratio of 0.45. QuidelOrtho has a twelve month low of $37.78 and a twelve month high of $95.02. The stock has a 50-day moving average of $45.29 and a 200 day moving average of $60.38. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of -244.25 and a beta of 0.11.

Institutional Investors Weigh In On QuidelOrtho

Several institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC grew its position in shares of QuidelOrtho by 109.0% during the third quarter. Global Retirement Partners LLC now owns 347 shares of the company’s stock worth $26,000 after buying an additional 181 shares in the last quarter. SG Americas Securities LLC acquired a new position in QuidelOrtho in the third quarter valued at $2,126,000. BTC Capital Management Inc. grew its holdings in shares of QuidelOrtho by 15.3% during the third quarter. BTC Capital Management Inc. now owns 3,766 shares of the company’s stock worth $275,000 after purchasing an additional 500 shares during the last quarter. LGT Capital Partners LTD. lifted its holdings in shares of QuidelOrtho by 9.1% in the 3rd quarter. LGT Capital Partners LTD. now owns 561,676 shares of the company’s stock valued at $41,025,000 after purchasing an additional 46,890 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new stake in shares of QuidelOrtho in the 3rd quarter valued at about $106,000. Hedge funds and other institutional investors own 99.00% of the company’s stock.

Insider Transactions at QuidelOrtho

In other QuidelOrtho news, CFO Joseph M. Busky bought 2,150 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was bought at an average price of $46.35 per share, with a total value of $99,652.50. Following the completion of the purchase, the chief financial officer now directly owns 2,150 shares in the company, valued at $99,652.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.00% of the company’s stock.

QuidelOrtho Company Profile

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.