Renaissance Technologies LLC Has $3.47 Million Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Renaissance Technologies LLC decreased its stake in QuidelOrtho Co. (NASDAQ:QDEL) by 69.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 104,412 shares of the company’s stock after selling 236,080 shares during the quarter. Renaissance Technologies LLC owned 0.16% of QuidelOrtho worth $3,469,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in QDEL. WINTON GROUP Ltd acquired a new stake in shares of QuidelOrtho in the 2nd quarter valued at approximately $4,669,000. Thompson Siegel & Walmsley LLC bought a new position in shares of QuidelOrtho during the second quarter worth $8,896,000. Federated Hermes Inc. grew its holdings in shares of QuidelOrtho by 148.4% in the 2nd quarter. Federated Hermes Inc. now owns 6,018 shares of the company’s stock valued at $200,000 after buying an additional 3,595 shares during the period. American Century Companies Inc. increased its position in shares of QuidelOrtho by 5.2% in the 2nd quarter. American Century Companies Inc. now owns 378,271 shares of the company’s stock valued at $12,566,000 after buying an additional 18,799 shares in the last quarter. Finally, Headlands Technologies LLC raised its stake in QuidelOrtho by 578.9% during the 2nd quarter. Headlands Technologies LLC now owns 12,172 shares of the company’s stock worth $404,000 after buying an additional 10,379 shares during the period. Institutional investors own 99.00% of the company’s stock.

QuidelOrtho Trading Up 3.1 %

NASDAQ:QDEL opened at $45.55 on Monday. The company has a market cap of $3.06 billion, a P/E ratio of -1.73 and a beta of 0.08. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $75.86. The business has a 50 day moving average price of $42.75 and a two-hundred day moving average price of $41.21. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The business had revenue of $637.00 million during the quarter, compared to the consensus estimate of $613.51 million. During the same quarter last year, the firm earned $0.26 earnings per share. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, analysts expect that QuidelOrtho Co. will post 1.77 EPS for the current fiscal year.

Insider Activity at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 78,180 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $39.94, for a total value of $3,122,509.20. Following the completion of the sale, the insider now owns 8,441,022 shares of the company’s stock, valued at approximately $337,134,418.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 1,616,224 shares of company stock valued at $60,053,897. 1.00% of the stock is owned by insiders.

Analysts Set New Price Targets

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