Phocas Financial Corp. Invests $3.59 Million in QuidelOrtho Co. (NASDAQ:QDEL)

Phocas Financial Corp. bought a new stake in QuidelOrtho Co. (NASDAQ:QDEL) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 78,771 shares of the company’s stock, valued at approximately $3,592,000.

Several other institutional investors have also recently bought and sold shares of QDEL. Vanguard Group Inc. grew its position in QuidelOrtho by 0.8% in 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 QuidelOrtho by 51.9% during the second quarter. Rubric Capital Management LP now owns 3,645,590 shares of the company’s stock worth $121,106,000 after acquiring an additional 1,245,590 shares in the last quarter. Maverick Capital Ltd. lifted its stake in QuidelOrtho by 27.5% in the second quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock valued at $57,434,000 after acquiring an additional 372,662 shares during the last quarter. Private Management Group Inc. grew its position in shares of QuidelOrtho by 2.6% in 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 period. Finally, Van Lanschot Kempen Investment Management N.V. increased its stake 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 purchasing an additional 52,729 shares during the last quarter. Institutional investors own 99.00% of the company’s stock.

QuidelOrtho Price Performance

NASDAQ:QDEL opened at $37.39 on Tuesday. The company has a current ratio of 1.38, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. QuidelOrtho Co. has a fifty-two week low of $29.74 and a fifty-two week high of $75.86. The stock has a fifty day moving average price of $42.03 and a 200-day moving average price of $40.46.

QuidelOrtho (NASDAQ:QDEL) last issued its earnings results on Thursday, November 7th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.30 by $0.55. The company had revenue of $727.00 million during the quarter, compared to analysts’ expectations 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 for the quarter was down 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 EPS. As a group, research analysts forecast that QuidelOrtho Co. will post 1.72 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Craig Hallum upgraded 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 report on Thursday, September 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price target on shares of QuidelOrtho in a report on Friday, August 16th. Finally, UBS Group initiated coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price for the company. 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 company currently has an average rating of “Hold” and an average price target of $58.83.

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.