Fortrea (NASDAQ:FTRE) Sets New 52-Week Low – Time to Sell?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) hit a new 52-week low during trading on Monday . The stock traded as low as $14.27 and last traded at $14.62, with a volume of 76670 shares changing hands. The stock had previously closed at $14.91.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. William Blair restated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Barclays lifted their price target on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. TD Cowen raised their target price on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and dropped their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $23.30.

Fortrea Stock Down 0.2 %

The firm has a market cap of $1.33 billion, a PE ratio of -4.36, a price-to-earnings-growth ratio of 1.76 and a beta of 1.20. 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 stock has a fifty day simple moving average of $18.74 and a two-hundred day simple moving average of $20.29.

Fortrea (NASDAQ:FTRE) last posted its earnings results 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). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. During the same period last year, the company posted $0.24 EPS. The business’s revenue was down 5.4% on a year-over-year basis. As a group, sell-side analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Transactions at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake 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 valued at $64,000 after acquiring an additional 572 shares during the last quarter. Janus Henderson Group PLC lifted its position in Fortrea by 2.0% in the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after buying an additional 792 shares during the last quarter. Willis Investment Counsel boosted its stake in Fortrea by 0.6% in the fourth quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock worth $3,459,000 after buying an additional 1,138 shares in the last quarter. Cullen Frost Bankers Inc. grew its position in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after acquiring an additional 1,361 shares during the last quarter. Finally, Financial Counselors Inc. raised its stake in shares of Fortrea by 1.4% during the third quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock worth $1,955,000 after acquiring an additional 1,395 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.