Quidel Co. (NASDAQ:QDEL) Sees Significant Increase in Short Interest

Quidel Co. (NASDAQ:QDEL) saw a large increase in short interest during the month of November. As of November 29th, there was short interest totalling 2,170,000 shares, an increase of 5.3% from the November 14th total of 2,060,000 shares. Based on an average daily trading volume, of 193,200 shares, the short-interest ratio is presently 11.2 days. Approximately 5.9% of the shares of the stock are short sold.

Several equities research analysts recently issued reports on the company. Canaccord Genuity reiterated a “buy” rating and issued a $75.00 price objective (up from $70.00) on shares of Quidel in a report on Sunday, November 17th. Zacks Investment Research upgraded Quidel from a “sell” rating to a “hold” rating in a report on Saturday. Craig Hallum upgraded Quidel from a “hold” rating to a “buy” rating and boosted their target price for the stock from $63.00 to $75.00 in a report on Thursday, August 29th. TheStreet upgraded Quidel from a “c+” rating to a “b” rating in a report on Friday, November 1st. Finally, BidaskClub upgraded Quidel from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $74.00.

In related news, SVP Edward Keith Russell sold 15,974 shares of Quidel stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $68.73, for a total value of $1,097,893.02. Following the sale, the senior vice president now directly owns 25,280 shares in the company, valued at approximately $1,737,494.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Randall J. Steward sold 29,328 shares of Quidel stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $62.60, for a total value of $1,835,932.80. Following the completion of the sale, the chief financial officer now owns 48,787 shares in the company, valued at $3,054,066.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,953 shares of company stock worth $4,890,740. 14.10% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QDEL. First Trust Advisors LP lifted its holdings in Quidel by 65.9% in the second quarter. First Trust Advisors LP now owns 60,741 shares of the company’s stock valued at $3,603,000 after acquiring an additional 24,132 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Quidel by 74.4% in the second quarter. Janus Henderson Group PLC now owns 18,960 shares of the company’s stock valued at $1,125,000 after acquiring an additional 8,087 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in Quidel in the second quarter valued at approximately $287,000. Swiss National Bank lifted its holdings in Quidel by 8.4% in the second quarter. Swiss National Bank now owns 66,000 shares of the company’s stock valued at $3,915,000 after acquiring an additional 5,100 shares during the last quarter. Finally, Chicago Equity Partners LLC acquired a new position in Quidel in the second quarter valued at approximately $3,581,000. Hedge funds and other institutional investors own 89.73% of the company’s stock.

Shares of Quidel stock traded down $1.09 on Friday, hitting $70.82. 212,796 shares of the company were exchanged, compared to its average volume of 171,275. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 25.11 and a beta of 1.48. The company has a 50-day moving average price of $64.68 and a 200 day moving average price of $60.56. Quidel has a 1-year low of $44.27 and a 1-year high of $73.97. The company has a quick ratio of 0.97, a current ratio of 1.46 and a debt-to-equity ratio of 0.15.

Quidel (NASDAQ:QDEL) last issued its earnings results on Wednesday, October 30th. The company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.06. The business had revenue of $126.50 million for the quarter, compared to analysts’ expectations of $125.52 million. Quidel had a return on equity of 22.48% and a net margin of 14.51%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.59 EPS. Research analysts forecast that Quidel will post 2.55 EPS for the current year.

Quidel Company Profile

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, a point-of-care products for the detection of infectious and inflammatory diseases and conditions of the eye.

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