Fortrea (NASDAQ:FTRE) Shares Down 4.4% – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price traded down 4.4% during trading on Thursday . The company traded as low as $20.34 and last traded at $20.34. 32,285 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 1,292,732 shares. The stock had previously closed at $21.28.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Barclays raised their price target on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday. The Goldman Sachs Group dropped their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and dropped their price objective for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. TD Cowen raised their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Monday. Finally, Evercore ISI dropped their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $24.50.

Fortrea Trading Down 4.4 %

The firm has a market cap of $1.82 billion, a P/E ratio of -6.22, a price-to-earnings-growth ratio of 3.31 and a beta of 0.70. The company has a quick ratio of 1.19, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm’s 50-day simple moving average is $19.69 and its 200 day simple moving average is $23.77.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.24 EPS. As a group, analysts expect that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

Several large investors have recently modified their holdings of the business. Sessa Capital IM L.P. increased its stake in shares of Fortrea by 2.3% in the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after purchasing an additional 158,044 shares in the last quarter. Pacer Advisors Inc. increased its stake 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 worth $122,519,000 after purchasing an additional 6,125,827 shares in the last quarter. FMR LLC increased its stake in shares of Fortrea by 91.6% in the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after purchasing an additional 2,304,677 shares in the last quarter. Boston Partners grew its stake in Fortrea by 3.2% during the first quarter. Boston Partners now owns 3,938,584 shares of the company’s stock valued at $157,075,000 after acquiring an additional 121,126 shares in the last quarter. Finally, Baupost Group LLC MA grew its stake in Fortrea by 933.7% during the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after acquiring an additional 2,836,563 shares in 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.