Does QuidelOrtho Corporation (QDEL) offer a good opportunity for investors?

QuidelOrtho Corporation (NASDAQ: QDEL) stock fell -0.92% on Monday to $75.04 against a previous-day closing price of $75.74. With 0.56 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.53 million shares. During the session, the Medical Devices company that operates in wider Healthcare sector, reached to the highest price of $75.82 whereas the lowest price it dropped to was $74.00. The 52-week range on QDEL shows that it touched its highest point at $102.00 and its lowest point at $66.88 during that stretch. It currently has a 1-year price target of $118.14. Beta for the stock currently stands at 0.28.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of QDEL was up-trending over the past week, with a rise of 0.70%, but this was up by 2.42% over a month. Three-month performance dropped to -14.36% while six-month performance fell -11.75%. The stock lost -9.92% in the past year, while it has lost -12.41% so far this year. A look at the trailing 12-month EPS for QDEL yields 0.67 with Next year EPS estimates of 5.52. For the next quarter, that number is 0.46. This implies an EPS growth rate of -41.80% for this year and 12.72% for next year. EPS is expected to grow by 7.20% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 110.70%.

Float and Shares Shorts:

At present, 66.80 million QDEL shares are outstanding with a float of 49.58 million shares on hand for trading. On Aug 30, 2023, short shares totaled 2.48 million, which was 3.72% higher than short shares on Jul 30, 2023. In addition to Mr. Douglas C. Bryant as the firm’s Pres, CEO & Director, Mr. Joseph M. Busky CPA serves as its Chief Financial Officer.

Institutional Ownership:

Through their ownership of 95.00% of QDEL’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 43.70% of QDEL, in contrast to 33.24% held by mutual funds. Shares owned by individuals account for 1.30%. As the largest shareholder in QDEL with 9.95% of the stake, T. Rowe Price Investment Manageme holds 6,642,183 shares worth 6,642,183. A second-largest stockholder of QDEL, The Vanguard Group, Inc., holds 4,807,029 shares, controlling over 7.20% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in QDEL, holding 4,493,348 shares or 6.73% stake. With a 2.99% stake in QDEL, the T Rowe Price Mid Cap Growth Fund is the largest stakeholder. A total of 1,993,600 shares are owned by the mutual fund manager. The iShares Core S&P Mid Cap ETF, which owns about 2.61% of QDEL stock, is the second-largest Mutual Fund holder. It holds 1,742,346 shares valued at 143.5 million. Vanguard Total Stock Market ETF holds 2.33% of the stake in QDEL, owning 1,557,215 shares worth 128.25 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jul 01, 2023, QDEL reported revenue of $613.40M and operating income of $159.90M. The EBITDA in the recently reported quarter was $178.40M and diluted EPS was $0.36.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for QDEL since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With QDEL analysts setting a high price target of $168.00 and a low target of $81.00, the average target price over the next 12 months is $115.29. Based on these targets, QDEL could surge 123.88% to reach the target high and rise by 7.94% to reach the target low. Reaching the average price target will result in a growth of 53.64% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded QDEL stock several times over the past three months with 2 Buys and 2 Sells. In these transactions, 2,151 shares were bought while 985 shares were sold. The number of buy transactions has increased to 58 while that of sell transactions has risen to 35 over the past year. The total number of shares bought during that period was 156,995 while 67,170 shares were sold.

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