With the current price of $174.56, the stock of Quidel Corporation (NASDAQ:QDEL) concluded the trading session seeing its price drop by -48.38 points or at a loss of -21.7% compared to its previous day’s closing price of $222.94. About 13.439 million shares of the stock changed hands on the day. The trading volume of QDEL’s shares during the past session compares with the stock’s average daily trading volume of 1.092 million shares. On the other hand, a float of 37.01 million shares and a weekly performance of -29.5% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $264.75 for QDEL’s share which suggests that the stock, price of which is currently buoying between $135.02 and $182, has a potential to gain 51.67%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $160 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Quidel Corporation’s stock is trending downward as short interest in QDEL shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the QDEL is currently comprised of 5.03% of the float as the volume of shorted shares declined by -26255 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 1.834 million shares from the previous figure of 1.861 million shares. Stock’s average intraday volume is now standing at 852969 shares which indicate that the days to cover the shorts are nearly 2.15062.
After concluding the day’s trading, price of Quidel Corporation (NASDAQ:QDEL) is down -$73.04 over the week and it is -$95.94 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $306.72 that was attained on 08/06/20.
The stock has traded as low as $55.25 in past 52-week, and its current price is 215.95% above from that 52-week low price mark recorded on 10/10/19, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 1.22. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 27.23 as 14-days RSI of Quidel Corporation. This means that the QDEL is currently in an overbought territory and its share’s price movement is likely to be shaky for a while. Similarly, the stochastic oscillator is indicating a momentum of 17.37%, implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $192.7 for the QDEL’s share while placing it at a 2nd resistance point of $210.84 to be settled at. But if the stock takes a plunge lower than the 1st support price of $145.72 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $116.88.
MACD oscillator is showing a reading of -21.52 for the stock which means that it is currently in the red zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
JP Morgan lowered its recommendation for QDEL stock from Neutral to Underweight in a review note dated May 12, and moved the price target down at $120 to $158. The stock gets its recommendation downgraded from Overweight to Equal Weight from the analysts at Barclays who assigned a target price of $90 in their March 26 note to investors.Raymond James analysts resumed covering the stock with recommendation of Strong Buy rating on October 23, while suggesting a price target of $80 to it.
The average rating of 2.5 for QDEL is placing the stock in bullish category at the moment. In a poll by Reuters including 6 analysts in it who kept tracking the Quidel Corporation, 2 rated the stock as hold. Others were in different opinions for the QDEL. Out of remaining 4 analysts, 3 rated the stock as a buy or strong buy. 1 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that QDEL stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 11.17. Stock’s current price-to-sales (P/S) ratio of 49 is in front of industry’s average P/S ratio of 64.4. A comparison of Quidel Corporation’s trailing 12-months P/E ratio of 12 implies that it is trading above the industry’s average P/E ratio, which currently is 5.8.
Projection by Zacks Consensus Estimates suggests that Quidel Corporation (NASDAQ:QDEL) will see its current-quarter revenues drop by nearly -99.8% to be decreased to about $394 million. Full-year revenue of the company is however forecasted to be increased by nearly 129.95% to bring $1230 million in revenues against last year revenue of $535 million. Earnings, after adjustments, are likely to surge by 480% to post an EPS of $4.06, while estimate for company’s full year earnings is $11.99 per share with a growth rate of 303.7%.