Fortrea (NASDAQ:FTRE) Sets New 1-Year Low – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $14.27 and last traded at $14.62, with a volume of 76670 shares. The stock had previously closed at $14.91.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $28.00 to $25.00 in a report on Friday, December 6th. Barclays increased their price target on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. TD Cowen upped their target price on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $23.30.

Fortrea Stock Down 0.2 %

The company has a market cap of $1.33 billion, a P/E ratio of -4.36, a P/E/G ratio of 1.76 and a beta of 1.20. The company’s 50-day moving average is $18.74 and its two-hundred day moving average is $20.29. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. During the same period in the previous year, the company earned $0.24 earnings per share. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, equities analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Transactions at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Fortrea

Institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after buying an additional 572 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Fortrea by 2.0% in the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after acquiring an additional 792 shares in the last quarter. Willis Investment Counsel lifted its holdings in Fortrea by 0.6% during the fourth quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock valued at $3,459,000 after purchasing an additional 1,138 shares in the last quarter. Cullen Frost Bankers Inc. boosted its position in shares of Fortrea by 31.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after purchasing an additional 1,361 shares during the period. Finally, Financial Counselors Inc. increased its stake in shares of Fortrea by 1.4% in the third quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock worth $1,955,000 after purchasing an additional 1,395 shares in the last quarter.

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.