Fortrea (NASDAQ:FTRE) Sets New 12-Month Low – What’s Next?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) reached a new 52-week low during trading on Wednesday . The stock traded as low as $16.35 and last traded at $16.85, with a volume of 93029 shares traded. The stock had previously closed at $17.15.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Evercore ISI reduced their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Barclays boosted their target price on shares of Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. TD Cowen lifted their price target on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. Finally, The Goldman Sachs Group cut their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $23.30.

Fortrea Trading Up 1.5 %

The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The company’s 50 day moving average is $19.37 and its 200-day moving average is $20.82.

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

Insider Transactions at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

Institutional investors and hedge funds have recently modified their holdings of the business. Hara Capital LLC acquired a new stake in Fortrea during the third quarter worth about $29,000. Covestor Ltd raised its position in shares of Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after purchasing an additional 1,398 shares during the period. Raleigh Capital Management Inc. bought a new stake in shares of Fortrea in the 3rd quarter worth approximately $57,000. 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 during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in Fortrea by 26.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock valued at $182,000 after buying an additional 1,917 shares during the last quarter.

Fortrea Company Profile

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.