Hedge Funds Continue to Load Up on These 5 Growth Stocks Despite Recession Fears

3. QuidelOrtho Corporation (NASDAQ:QDEL)

Number of Hedge Fund Holders in Q2 2022: 37 

Number of Hedge Fund Holders in Q1 2022: 26   

QuidelOrtho Corporation (NASDAQ:QDEL) engages in the development and manufacturing of diagnostic testing products. On August 4, the firm posted earnings for the second quarter of 2022, reporting earnings per share of $2.34, missing market estimates by $0.51. The revenue over the period was $613 million, up 247% compared to the revenue over the same period last year but missing estimates by $27 million. The firm said that supplemental combined revenue was $898 million during the period, an increase of 37.5% in constant currency. 

On July 20, UBS analyst Elizabeth Garcia initiated coverage of QuidelOrtho Corporation (NASDAQ:QDEL) stock with a Sell rating and a price target of $86, lauding the recently completed merger of the firm with Ortho. 

At the end of the second quarter of 2022, 37 hedge funds in the database of Insider Monkey held stakes worth $631 million in QuidelOrtho Corporation (NASDAQ:QDEL), compared to 26 in the preceding quarter worth $550 million.