Seven Eight Capital LP Takes Position in QuidelOrtho Co. (NASDAQ:QDEL)

Seven Eight Capital LP purchased a new stake in shares of QuidelOrtho Co. (NASDAQ:QDEL) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 49,815 shares of the company’s stock, valued at approximately $2,388,000.

Other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of QuidelOrtho by 1,871.8% in the 1st quarter. GAMMA Investing LLC now owns 1,400 shares of the company’s stock valued at $67,000 after purchasing an additional 1,329 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of QuidelOrtho in the 1st quarter valued at $86,000. Cetera Trust Company N.A acquired a new stake in shares of QuidelOrtho in the 4th quarter valued at $108,000. CWM LLC lifted its stake in shares of QuidelOrtho by 1,536.0% in the 1st quarter. CWM LLC now owns 2,814 shares of the company’s stock valued at $135,000 after purchasing an additional 2,642 shares during the last quarter. Finally, Bfsg LLC acquired a new stake in shares of QuidelOrtho in the 4th quarter valued at $146,000. 99.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Royal Bank of Canada reduced their price objective on shares of QuidelOrtho from $81.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $59.00.

Insider Activity

In other news, major shareholder Carlyle Group Inc. sold 127,981 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $36.19, for a total transaction of $4,631,632.39. Following the completion of the transaction, the insider now owns 12,123,705 shares of the company’s stock, valued at $438,756,883.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 1,118,874 shares of company stock valued at $37,880,875. Insiders own 1.00% of the company’s stock.

QuidelOrtho Stock Performance

QuidelOrtho stock traded up $1.56 on Tuesday, reaching $36.94. 1,114,751 shares of the stock were exchanged, compared to its average volume of 991,505. The stock has a market cap of $2.47 billion, a PE ratio of -1.34 and a beta of 0.07. The company has a current ratio of 1.55, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $89.11. The firm has a fifty day moving average price of $37.51 and a two-hundred day moving average price of $46.97.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Wednesday, May 8th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). The firm had revenue of $711.00 million for the quarter, compared to analyst estimates of $697.33 million. QuidelOrtho had a positive return on equity of 3.96% and a negative net margin of 61.65%. Sell-side analysts anticipate that QuidelOrtho Co. will post 1.85 EPS for the current year.

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.