Quidel Corporation (NASDAQ:QDEL) Expected to Post Quarterly Sales of $50.69 Million
Equities research analysts predict that Quidel Corporation (NASDAQ:QDEL) will post sales of $50.69 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Quidel Corporation’s earnings, with the highest sales estimate coming in at $51.04 million and the lowest estimate coming in at $50.34 million. Quidel Corporation posted sales of $49.34 million during the same quarter last year, which would indicate a positive year over year growth rate of 2.7%. The firm is expected to report its next quarterly earnings report on Wednesday, October 25th.
On average, analysts expect that Quidel Corporation will report full year sales of $50.69 million for the current fiscal year, with estimates ranging from $224.65 million to $277.68 million. For the next year, analysts forecast that the firm will post sales of $236.21 million per share, with estimates ranging from $233.81 million to $238.61 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Quidel Corporation.
Quidel Corporation (NASDAQ:QDEL) last issued its quarterly earnings results on Wednesday, July 26th. The company reported ($0.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.17) by $0.18. The company had revenue of $38.30 million during the quarter, compared to analysts’ expectations of $41.91 million. Quidel Corporation had a negative net margin of 0.03% and a negative return on equity of 0.03%. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.11) earnings per share.
Several analysts have issued reports on QDEL shares. Zacks Investment Research downgraded shares of Quidel Corporation from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 12th. TheStreet raised shares of Quidel Corporation from a “d+” rating to a “c-” rating in a report on Tuesday, April 18th. Canaccord Genuity reaffirmed a “hold” rating and issued a $24.50 price target (up previously from $24.00) on shares of Quidel Corporation in a report on Tuesday, April 25th. Barclays PLC upped their price target on shares of Quidel Corporation from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, April 26th. Finally, BidaskClub downgraded shares of Quidel Corporation from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $31.40.
In related news, CEO Douglas C. Bryant sold 12,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $24.90, for a total transaction of $298,800.00. Following the transaction, the chief executive officer now owns 296,493 shares of the company’s stock, valued at $7,382,675.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Douglas C. Bryant sold 36,000 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $27.30, for a total transaction of $982,800.00. Following the transaction, the chief executive officer now directly owns 296,493 shares in the company, valued at approximately $8,094,258.90. The disclosure for this sale can be found here. Insiders sold 227,388 shares of company stock worth $6,951,432 in the last ninety days. Insiders own 22.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Quidel Corporation during the fourth quarter valued at about $15,459,000. Point72 Asset Management L.P. purchased a new position in shares of Quidel Corporation during the first quarter valued at about $11,266,000. Macquarie Group Ltd. increased its position in shares of Quidel Corporation by 23.6% in the first quarter. Macquarie Group Ltd. now owns 1,195,927 shares of the company’s stock valued at $27,076,000 after buying an additional 228,515 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Quidel Corporation during the second quarter valued at about $3,250,000. Finally, Spark Investment Management LLC increased its position in shares of Quidel Corporation by 529.2% in the second quarter. Spark Investment Management LLC now owns 120,800 shares of the company’s stock valued at $3,278,000 after buying an additional 101,600 shares during the last quarter. 89.75% of the stock is currently owned by institutional investors and hedge funds.
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Quidel Corporation (NASDAQ QDEL) opened at 31.52 on Friday. The stock’s market capitalization is $1.05 billion. Quidel Corporation has a 52 week low of $18.25 and a 52 week high of $38.92. The company has a 50-day moving average of $29.88 and a 200-day moving average of $24.33.
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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