The stock of Quidel Corporation (NASDAQ:QDEL) is now priced at $175.96 and the shares are 12.99 points up or 7.97% higher compared to its previous closing price of $162.97. The stock had 1.968 million contracts set over the past session. QDEL shares’ daily volume is compared to its average trading volume at 1.313 million shares. However, it has a float of 37.01 million and although its performance was -22.9% over the week, it’s one to watch. Analysts have given the QDEL stock a yearly average price target of $264.75 per share. It means the stock’s upside potential is 50.46% with the QDEL share price recently placing at $162.743 to $177.76. However, some brokerage firms have priced the stock below the average, including one that has called $160.
The shorts are running away from the Quidel Corporation stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the QDEL shares have declined. Short interest in the stock represents just 4.96% of its float, but the volume has dropped by -26255. The volume of shorted shares dropped to 1.834 million from 1.861 million shares over the last two weeks. The average intraday trading volume has been 852969 shares, which means that days to cover moved to roughly 2.15062.
In the last trading session, Quidel Corporation (NASDAQ:QDEL) dropped by -$52.25 over the week and lost -$117.86 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $306.72. The stock recorded its established 52-week high on 08/06/20.
Since 10/10/19, the stock has traded to a low of $55.25 at 218.48%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.01. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Quidel Corporation’s two-week RSI is 31.54. This suggests that the stock is neutral at the moment and that QDEL shares’ price movement remains stable. The stochastic readings are equally revealing at 28.88% meaning the QDEL share price is currently in overbought territory.
The technical chart shows that the QDEL stock will likely settle at between $181.57 and $187.17 per share. However, if the stock dips below $166.55, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $157.14.
Currently, the stock is trading in the red of MACD, with a reading of -43.03. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at JP Morgan cut their recommendation for QDEL from Neutral to Underweight in May 12 review while maintai their target price of $120 to $158. Barclays analysts downgraded their recommendation of the stock from Overweight to Equal Weight while keeping its target price at $90 in a flash note released to investors on March 26. Raymond James analysts see the stock as Strong Buy when the analysts resumed the share price coverage on October 23, placing it at $80.
The average rating for the QDEL equity is 2.5 and is currently gathering a bullish momentum. Of 6 analysts tracking Quidel Corporation polled by Reuters, 2 rated QDEL as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the QDEL stock price is 11.26X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 49.4 below the group’s average of 65. Quidel Corporation has its P/E ratio at 12.1, which means that the stock is currently trading at a premium relative to the 5.8 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Quidel Corporation (NASDAQ:QDEL) will decrease by about -99.8%, which will see them reach $394 million. The company’s full-year revenues are, however, expected to increase by about 129.95%, up from $535 million to $1230 million. QDEL’s expected adjusted earnings should surge almost 480% to end up at $4.06 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 303.7% to record $11.99/share.