Beaconlight Capital LLC Buys New Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Beaconlight Capital LLC purchased a new position in shares of QuidelOrtho Co. (NASDAQ:QDEL) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 398,072 shares of the company’s stock, valued at approximately $18,152,000. QuidelOrtho makes up 7.4% of Beaconlight Capital LLC’s portfolio, making the stock its 4th largest position. Beaconlight Capital LLC owned about 0.59% of QuidelOrtho as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Leeward Investments LLC MA lifted its stake in QuidelOrtho by 17.1% during the third quarter. Leeward Investments LLC MA now owns 229,847 shares of the company’s stock worth $10,481,000 after purchasing an additional 33,588 shares during the last quarter. Hsbc Holdings PLC raised its holdings in QuidelOrtho by 316.2% during the second quarter. Hsbc Holdings PLC now owns 28,916 shares of the company’s stock worth $962,000 after purchasing an additional 21,968 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in shares of QuidelOrtho during the 2nd quarter worth approximately $4,669,000. Vanguard Group Inc. boosted its holdings in shares of QuidelOrtho by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 4,879,143 shares of the company’s stock valued at $233,906,000 after buying an additional 37,733 shares in the last quarter. Finally, Maverick Capital Ltd. grew its position in shares of QuidelOrtho by 27.5% in the 2nd quarter. Maverick Capital Ltd. now owns 1,728,913 shares of the company’s stock valued at $57,434,000 after buying an additional 372,662 shares during the last quarter. 99.00% of the stock is owned by hedge funds and other institutional investors.

QuidelOrtho Trading Down 0.4 %

Shares of NASDAQ QDEL traded down $0.18 during mid-day trading on Wednesday, hitting $40.98. 962,118 shares of the company were exchanged, compared to its average volume of 1,166,096. The stock has a 50 day simple moving average of $41.18 and a 200-day simple moving average of $40.26. QuidelOrtho Co. has a 1-year low of $29.74 and a 1-year high of $75.86. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.38 and a quick ratio of 0.81.

QuidelOrtho (NASDAQ:QDEL) last released its earnings results on Thursday, November 7th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.30 by $0.55. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.24%. The company had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $642.16 million. During the same quarter last year, the business earned $0.90 EPS. The business’s revenue was down 2.3% on a year-over-year basis. Equities analysts predict that QuidelOrtho Co. will post 1.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other QuidelOrtho news, major shareholder Carlyle Group Inc. sold 8,260,183 shares of the business’s 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on QDEL. UBS Group began coverage on shares of QuidelOrtho in a research report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price target for the company. William Blair restated a “market perform” rating on shares of QuidelOrtho in a research report on Wednesday, November 20th. Craig Hallum upgraded shares of QuidelOrtho from a “hold” rating to a “buy” rating and upped their price target for the company from $40.00 to $57.00 in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $61.00 price objective on shares of QuidelOrtho in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average 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.