Fortrea (NASDAQ:FTRE) Trading Down 6.4% – Time to Sell?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) dropped 6.4% during trading on Wednesday . The stock traded as low as $19.78 and last traded at $19.80. Approximately 486,762 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,289,753 shares. The stock had previously closed at $21.15.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FTRE shares. Evercore ISI cut their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. William Blair restated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $28.00 to $25.00 in a research note on Friday, December 6th. TD Cowen upped their target price on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Finally, The Goldman Sachs Group decreased their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $23.30.

Fortrea Trading Down 1.3 %

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 business has a 50 day moving average of $19.63 and a 200-day moving average of $22.24.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 earnings per share. On average, research analysts expect that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of FTRE. Penn Davis Mcfarland Inc. increased its stake in Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after buying an additional 508,664 shares during the period. Mutual of America Capital Management LLC increased its position in Fortrea by 9.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after purchasing an additional 40,748 shares during the period. Diamond Hill Capital Management Inc. purchased a new position in shares of Fortrea during the 2nd quarter worth approximately $23,192,000. Starboard Value LP boosted its stake in shares of Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after buying an additional 400,000 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in Fortrea by 40.4% during the second quarter. First Eagle Investment Management LLC now owns 377,382 shares of the company’s stock worth $8,808,000 after acquiring an additional 108,500 shares during the period.

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.