Brokerages Anticipate Quidel Corporation (QDEL) Will Post Quarterly Sales of $42.17 Million
Analysts expect Quidel Corporation (NASDAQ:QDEL) to post sales of $42.17 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Quidel Corporation’s earnings, with estimates ranging from $39.66 million to $44.68 million. Quidel Corporation reported sales of $39.13 million in the same quarter last year, which indicates a positive year-over-year growth rate of 7.8%. The company is scheduled to report its next quarterly earnings report on Wednesday, July 26th.
According to Zacks, analysts expect that Quidel Corporation will report full-year sales of $42.17 million for the current year, with estimates ranging from $228.81 million to $232.09 million. For the next year, analysts expect that the business will post sales of $242.42 million per share, with estimates ranging from $238.60 million to $248.09 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Quidel Corporation.
Quidel Corporation (NASDAQ:QDEL) last announced its quarterly earnings data on Monday, April 24th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.15 by $0.30. The firm had revenue of $73.70 million for the quarter, compared to analyst estimates of $61.85 million. Quidel Corporation had a return on equity of 1.94% and a net margin of 1.83%. The company’s revenue was up 46.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.02 EPS.
A number of equities research analysts have issued reports on QDEL shares. Canaccord Genuity restated a “hold” rating and set a $25.00 price objective (up from $24.50) on shares of Quidel Corporation in a research report on Friday, May 19th. TheStreet upgraded Quidel Corporation from a “d+” rating to a “c-” rating in a research report on Tuesday, April 18th. Zacks Investment Research downgraded Quidel Corporation from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 12th. Barclays PLC upped their price objective on Quidel Corporation from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, April 26th. Finally, CL King started coverage on Quidel Corporation in a research report on Friday, February 17th. They set a “neutral” rating on the stock. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $24.50.
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Quidel Corporation (QDEL) opened at 25.74 on Friday. Quidel Corporation has a 12 month low of $16.63 and a 12 month high of $26.98. The company has a market capitalization of $854.70 million, a price-to-earnings ratio of 214.50 and a beta of 1.23. The stock’s 50 day moving average price is $25.01 and its 200 day moving average price is $22.27.
In other news, CEO Douglas C. Bryant sold 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $25.10, for a total transaction of $301,200.00. Following the transaction, the chief executive officer now owns 296,493 shares of the company’s stock, valued at $7,441,974.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Douglas C. Bryant sold 36,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $24.98, for a total value of $899,280.00. Following the transaction, the chief executive officer now directly owns 296,493 shares in the company, valued at approximately $7,406,395.14. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 209,530 shares of company stock worth $5,056,456. Insiders own 22.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Quidel Corporation by 4.7% in the fourth quarter. State Street Corp now owns 519,030 shares of the company’s stock worth $11,117,000 after buying an additional 23,132 shares in the last quarter. Renaissance Technologies LLC boosted its position in Quidel Corporation by 3.7% in the fourth quarter. Renaissance Technologies LLC now owns 502,200 shares of the company’s stock worth $10,757,000 after buying an additional 17,900 shares in the last quarter. Arrowpoint Asset Management LLC boosted its position in Quidel Corporation by 18.1% in the fourth quarter. Arrowpoint Asset Management LLC now owns 1,291,264 shares of the company’s stock worth $27,659,000 after buying an additional 197,809 shares in the last quarter. Fred Alger Management Inc. boosted its position in Quidel Corporation by 2.2% in the fourth quarter. Fred Alger Management Inc. now owns 582,821 shares of the company’s stock worth $12,484,000 after buying an additional 12,419 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Quidel Corporation during the fourth quarter worth approximately $940,000. 89.61% of the stock is currently owned by hedge funds and other institutional investors.
About Quidel Corporation
Quidel Corporation is engaged in the development, manufacturing and marketing of diagnostic testing solutions. These diagnostic testing solutions are separated into four product categories: immunoassays, molecular assays, virology and specialty products. The Company sells its products directly to end users and distributors, in each case, for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, universities, retail clinics, pharmacies and wellness screening centers.
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