Quidel (QDEL) Rating Lowered to Hold at BidaskClub

Quidel (NASDAQ:QDEL) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

QDEL has been the subject of a number of other research reports. Craig Hallum increased their target price on Quidel from $64.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, August 8th. Zacks Investment Research lowered Quidel from a “buy” rating to a “hold” rating in a report on Friday, November 9th. Raymond James reiterated a “strong-buy” rating and set a $80.00 price objective on shares of Quidel in a report on Tuesday, October 23rd. Piper Jaffray Companies reiterated an “overweight” rating and set a $74.00 price objective on shares of Quidel in a report on Wednesday, August 8th. Finally, TheStreet upgraded Quidel from a “c+” rating to a “b” rating in a report on Wednesday, November 7th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and three have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $74.29.

QDEL opened at $58.83 on Friday. The firm has a market capitalization of $2.31 billion, a PE ratio of -840.43, a price-to-earnings-growth ratio of 0.90 and a beta of 1.05. Quidel has a 12-month low of $33.01 and a 12-month high of $77.63. The company has a quick ratio of 0.86, a current ratio of 1.26 and a debt-to-equity ratio of 0.21.

Quidel (NASDAQ:QDEL) last released its earnings results on Tuesday, November 6th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.16. The company had revenue of $117.40 million during the quarter, compared to analyst estimates of $120.09 million. Quidel had a return on equity of 25.63% and a net margin of 7.26%. The company’s revenue for the quarter was up 130.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.17 earnings per share. Sell-side analysts anticipate that Quidel will post 2.61 EPS for the current fiscal year.

In related news, Director Kenneth F. Buechler sold 5,000 shares of the stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $75.01, for a total transaction of $375,050.00. Following the completion of the sale, the director now directly owns 53,519 shares in the company, valued at $4,014,460.19. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Douglas C. Bryant sold 25,250 shares of the stock in a transaction on Friday, September 28th. The stock was sold at an average price of $65.19, for a total value of $1,646,047.50. Following the sale, the chief executive officer now owns 319,563 shares of the company’s stock, valued at $20,832,311.97. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,469 shares of company stock valued at $4,551,314. 16.70% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. raised its holdings in Quidel by 383.5% during the third quarter. Meeder Asset Management Inc. now owns 2,659 shares of the company’s stock valued at $173,000 after buying an additional 2,109 shares in the last quarter. Alambic Investment Management L.P. bought a new position in Quidel during the third quarter valued at about $205,000. Stevens Capital Management LP bought a new position in Quidel during the third quarter valued at about $224,000. Great West Life Assurance Co. Can raised its holdings in Quidel by 55.8% during the second quarter. Great West Life Assurance Co. Can now owns 3,405 shares of the company’s stock valued at $227,000 after buying an additional 1,220 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in Quidel during the third quarter valued at about $229,000. Institutional investors own 90.08% of the company’s stock.

About Quidel

Quidel Corporation develops, manufactures, and markets diagnostic testing solutions for applications in infectious diseases, cardiology, thyroid, women's and general health, eye health, gastrointestinal diseases, and toxicology. The company offers Sofia and Sofia 2 fluorescent immunoassay systems; QuickVue, a lateral flow immunoassay products; and InflammaDry and AdenoPlus products point-of-care products for the detection of infectious and inflammatory diseases and conditions of the eye.

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