$50.69 Million in Sales Expected for Quidel Corporation (QDEL) This Quarter
Wall Street analysts expect Quidel Corporation (NASDAQ:QDEL) to post $50.69 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Quidel Corporation’s earnings. The highest sales estimate is $51.04 million and the lowest is $50.34 million. Quidel Corporation reported sales of $49.34 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 2.7%. The company is expected to issue its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Quidel Corporation will report full year sales of $50.69 million for the current financial year, with estimates ranging from $224.65 million to $277.68 million. For the next financial year, analysts anticipate 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 averages are a mean average based on a survey of research analysts that cover Quidel Corporation.
Quidel Corporation (NASDAQ:QDEL) last announced its quarterly earnings results on Wednesday, July 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by $0.18. Quidel Corporation had a negative net margin of 0.03% and a negative return on equity of 0.03%. The business had revenue of $38.30 million for the quarter, compared to analysts’ expectations of $41.91 million. During the same quarter in the prior year, the firm earned ($0.11) EPS. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis.
A number of equities analysts have recently commented on QDEL shares. Zacks Investment Research lowered shares of Quidel Corporation from a “hold” rating to a “strong sell” rating in a research report on Saturday, July 29th. BidaskClub lowered shares of Quidel Corporation from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 16th. William Blair raised shares of Quidel Corporation from a “market perform” rating to an “outperform” rating in a research report on Tuesday, July 18th. TheStreet lowered shares of Quidel Corporation from a “b-” rating to a “c” rating in a research report on Wednesday, July 26th. Finally, Raymond James Financial, Inc. raised their target price on shares of Quidel Corporation from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. Quidel Corporation presently has a consensus rating of “Hold” and a consensus target price of $31.40.
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In related news, CFO Randall J. Steward sold 94,215 shares of Quidel Corporation stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $34.09, for a total transaction of $3,211,789.35. Following the transaction, the chief financial officer now directly owns 79,907 shares of the company’s stock, valued at $2,724,029.63. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Douglas C. Bryant sold 36,000 shares of Quidel Corporation 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 $8,094,258.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 203,388 shares of company stock worth $6,691,992. Corporate insiders own 22.00% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Acrospire Investment Management LLC increased its holdings in Quidel Corporation by 42.2% during the second quarter. Acrospire Investment Management LLC now owns 3,678 shares of the company’s stock valued at $100,000 after buying an additional 1,091 shares during the period. First Mercantile Trust Co. increased its holdings in Quidel Corporation by 0.8% during the first quarter. First Mercantile Trust Co. now owns 5,280 shares of the company’s stock valued at $120,000 after buying an additional 40 shares during the period. Legal & General Group Plc increased its holdings in Quidel Corporation by 4.6% during the first quarter. Legal & General Group Plc now owns 6,931 shares of the company’s stock valued at $157,000 after buying an additional 306 shares during the period. Russell Investments Group Ltd. purchased a new position in Quidel Corporation during the second quarter valued at approximately $209,000. Finally, First Quadrant L P CA purchased a new position in Quidel Corporation during the second quarter valued at approximately $217,000. 87.17% of the stock is currently owned by institutional investors.
Quidel Corporation (QDEL) opened at 36.24 on Friday. The company’s 50-day moving average price is $33.98 and its 200-day moving average price is $26.91. Quidel Corporation has a one year low of $18.25 and a one year high of $38.92. The stock’s market cap is $1.21 billion.
Quidel Corporation Company Profile
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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