Fortrea (NASDAQ:FTRE) Shares Gap Down – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE) gapped down before the market opened on Wednesday . The stock had previously closed at $21.95, but opened at $21.36. Fortrea shares last traded at $22.23, with a volume of 18,016 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays upped their price target on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday. The Goldman Sachs Group reduced their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. TD Cowen increased their price target on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft reduced their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. Finally, Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and reduced their target price for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $24.50.

Fortrea Stock Performance

The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.19. The firm’s fifty day moving average is $19.69 and its 200-day moving average is $23.79.

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). The firm had revenue of $674.90 million for 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 company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. Analysts expect that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Institutional Trading of Fortrea

Several hedge funds have recently added to or reduced their stakes in FTRE. FMR LLC lifted its holdings in Fortrea by 91.6% during the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after buying an additional 2,304,677 shares during the last quarter. Sessa Capital IM L.P. grew its stake in Fortrea by 2.3% during the 3rd quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after buying an additional 158,044 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Fortrea by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company’s stock valued at $11,809,000 after buying an additional 29,285 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after acquiring an additional 6,125,827 shares during the period. Finally, Commerce Bank increased its holdings in shares of Fortrea by 75.1% in the 3rd quarter. Commerce Bank now owns 24,962 shares of the company’s stock valued at $499,000 after acquiring an additional 10,705 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.