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

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as $15.53 and last traded at $15.67, with a volume of 2215624 shares traded. The stock had previously closed at $16.81.

Wall Street Analysts Forecast Growth

FTRE has been the topic of several research reports. Evercore ISI cut their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. TD Cowen increased their price target on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. The Goldman Sachs Group cut their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Finally, Barclays raised their price objective 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. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus price target of $23.30.

Fortrea Stock Down 6.8 %

The business has a fifty day simple moving average of $19.21 and a two-hundred day simple moving average of $20.58. 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 has a market cap of $1.41 billion, a PE ratio of -4.58, a price-to-earnings-growth ratio of 1.92 and a beta of 1.21.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data 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 firm had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.24 EPS. As a group, equities research analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares in the company, 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 is accessible through the SEC website. 0.12% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Peregrine Capital Management LLC purchased a new position in shares of Fortrea during the 4th quarter worth $5,627,000. Principal Financial Group Inc. raised its holdings in shares of Fortrea by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 434,953 shares of the company’s stock worth $8,112,000 after acquiring an additional 13,026 shares during the period. Rhumbline Advisers raised its holdings in shares of Fortrea by 1.8% during the 4th quarter. Rhumbline Advisers now owns 234,539 shares of the company’s stock worth $4,374,000 after acquiring an additional 4,064 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Fortrea by 21.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock worth $207,000 after acquiring an additional 1,986 shares during the period. Finally, Marks Group Wealth Management Inc raised its holdings in shares of Fortrea by 16.7% during the 4th quarter. Marks Group Wealth Management Inc now owns 14,000 shares of the company’s stock worth $261,000 after acquiring an additional 2,000 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.