Rubric Capital Management LP Has $121.11 Million Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Rubric Capital Management LP increased its holdings in QuidelOrtho Co. (NASDAQ:QDEL) by 51.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,645,590 shares of the company’s stock after buying an additional 1,245,590 shares during the period. QuidelOrtho accounts for 3.2% of Rubric Capital Management LP’s investment portfolio, making the stock its 8th biggest position. Rubric Capital Management LP owned approximately 5.44% of QuidelOrtho worth $121,106,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of QDEL. Dimensional Fund Advisors LP boosted its holdings in QuidelOrtho by 144.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 908,554 shares of the company’s stock worth $66,961,000 after buying an additional 536,492 shares during the period. Norges Bank purchased a new stake in shares of QuidelOrtho during the 4th quarter valued at $41,968,000. Clearbridge Investments LLC raised its position in shares of QuidelOrtho by 2.3% during the 4th quarter. Clearbridge Investments LLC now owns 461,717 shares of the company’s stock valued at $34,029,000 after buying an additional 10,175 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of QuidelOrtho during the 4th quarter valued at $1,326,000. Finally, 1492 Capital Management LLC raised its position in shares of QuidelOrtho by 20.6% during the 4th quarter. 1492 Capital Management LLC now owns 44,731 shares of the company’s stock valued at $3,297,000 after buying an additional 7,635 shares in the last quarter. 99.00% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

QDEL has been the topic of several research reports. Craig Hallum upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating and raised their price objective for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. UBS Group assumed coverage on shares of QuidelOrtho in a research report on Thursday. They issued a “neutral” rating and a $50.00 target price on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 target price on shares of QuidelOrtho in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, QuidelOrtho has a consensus rating of “Hold” and an average target price of $58.83.

QuidelOrtho Stock Down 1.8 %

QDEL opened at $45.40 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. The firm has a 50 day moving average price of $41.66 and a 200-day moving average price of $41.25. QuidelOrtho Co. has a twelve month low of $29.74 and a twelve month high of $75.86. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of -1.72 and a beta of 0.08.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $637.00 million during the quarter, compared to analysts’ expectations of $613.51 million. During the same period in the previous year, the company earned $0.26 earnings per share. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. Equities research analysts forecast that QuidelOrtho Co. will post 1.77 earnings per share for the current year.

Insider Activity at QuidelOrtho

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 73,713 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $34.34, for a total value of $2,531,304.42. Following the completion of the transaction, the insider now directly owns 11,766,022 shares in the company, valued at $404,045,195.48. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 1,902,466 shares of company stock worth $69,552,560. 1.00% of the stock is owned by company insiders.

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.