Fortrea (NASDAQ:FTRE) Trading Down 4.2% – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price traded down 4.2% on Wednesday . The company traded as low as $9.30 and last traded at $9.24. 469,975 shares were traded during trading, a decline of 66% from the average session volume of 1,389,724 shares. The stock had previously closed at $9.64.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Barclays dropped their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Evercore ISI dropped their price target on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group dropped their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $19.00.

Fortrea Trading Down 4.0 %

The business has a 50 day simple moving average of $14.88 and a 200-day simple moving average of $18.14. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market capitalization of $834.98 million, a P/E ratio of -2.72, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The firm had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period in the previous year, the business posted $0.19 earnings per share. On average, analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 13,029 shares of company stock valued at $226,168. 0.12% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortrea

Large investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Fortrea during the 4th quarter worth $30,000. GF Fund Management CO. LTD. bought a new stake in shares of Fortrea during the 4th quarter worth $35,000. Covestor Ltd boosted its stake in shares of Fortrea by 57.7% during the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after acquiring an additional 1,593 shares in the last quarter. Quarry LP boosted its stake in shares of Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $81,000 after acquiring an additional 4,034 shares in the last quarter. Finally, Cullen Frost Bankers Inc. lifted its holdings 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 valued at $105,000 after purchasing an additional 1,361 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.