Fortrea (NASDAQ:FTRE) Shares Down 4.4% – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price was down 4.4% during mid-day trading on Thursday . The stock traded as low as $20.34 and last traded at $20.34. Approximately 32,285 shares changed hands during trading, a decline of 98% from the average daily volume of 1,292,732 shares. The stock had previously closed at $21.28.

Analyst Ratings Changes

Several equities research analysts have issued reports on FTRE shares. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. TD Cowen boosted their price objective on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday. The Goldman Sachs Group lowered their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Evercore ISI lowered their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Finally, Barclays boosted their price objective on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $24.50.

Fortrea Stock Down 4.4 %

The stock’s 50-day moving average price is $19.69 and its two-hundred day moving average price is $23.77. The stock has a market capitalization of $1.82 billion, a PE ratio of -6.22, a P/E/G ratio of 3.31 and a beta of 0.70. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.19 and a current ratio of 1.18.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 earnings per share. As a group, analysts expect that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Institutional Trading of Fortrea

Institutional investors have recently bought and sold shares of the company. nVerses Capital LLC purchased a new stake in Fortrea during the 2nd quarter valued at about $26,000. Hara Capital LLC bought a new position in Fortrea during the 3rd quarter valued at about $29,000. Gladius Capital Management LP bought a new position in Fortrea during the 2nd quarter valued at about $30,000. Blue Trust Inc. lifted its stake in Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. lifted its stake in Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after acquiring an additional 1,250 shares during the period.

About Fortrea

Fortrea Holdings Inc, a contract research organization, primarily engages in the provision of biopharmaceutical product and medical device development services worldwide. The company operates through two segments: Clinical Services and Enabling Services. The Clinical Services segment provides across the clinical pharmacology and clinical development spectrum.