QuidelOrtho Co. (NASDAQ:QDEL) Stake Raised by Rubric Capital Management LP

Rubric Capital Management LP grew its stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) by 15.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,200,000 shares of the company’s stock after buying an additional 554,410 shares during the period. QuidelOrtho accounts for 3.1% of Rubric Capital Management LP’s investment portfolio, making the stock its 7th biggest position. Rubric Capital Management LP owned approximately 6.24% of QuidelOrtho worth $191,520,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in QuidelOrtho by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock worth $233,906,000 after acquiring an additional 37,733 shares during the period. Maverick Capital Ltd. boosted 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 worth $57,434,000 after buying an additional 372,662 shares during the last quarter. FMR LLC grew its holdings in QuidelOrtho by 28.0% in the 3rd quarter. FMR LLC now owns 1,256,356 shares of the company’s stock valued at $57,290,000 after buying an additional 274,633 shares during the period. Private Management Group Inc. increased its stake in shares of QuidelOrtho by 2.6% during the 3rd quarter. Private Management Group Inc. now owns 626,705 shares of the company’s stock valued at $28,578,000 after acquiring an additional 16,084 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. lifted its holdings in shares of 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 acquiring an additional 52,729 shares during the period. 99.00% of the stock is owned by institutional investors and hedge funds.

QuidelOrtho Stock Performance

NASDAQ QDEL opened at $40.98 on Wednesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.81 and a current ratio of 1.38. QuidelOrtho Co. has a fifty-two week low of $29.74 and a fifty-two week high of $75.86. The business has a 50 day moving average price of $41.18 and a two-hundred day moving average price of $40.26.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.55. The business 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%. The business’s revenue was down 2.3% on a year-over-year basis. During the same period last year, the business earned $0.90 EPS. On average, equities analysts predict that QuidelOrtho Co. will post 1.73 EPS for the current fiscal year.

Insider Activity at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $35.31, for a total transaction of $291,667,061.73. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. William Blair reaffirmed a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and boosted their price target for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. UBS Group started coverage on QuidelOrtho in a report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price objective on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $58.83.

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.