Fortrea (NASDAQ:FTRE) Hits New 52-Week Low – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $9.52 and last traded at $9.67, with a volume of 267440 shares trading hands. The stock had previously closed at $9.92.

Analyst Ratings Changes

Several brokerages recently weighed in on FTRE. The Goldman Sachs Group cut their price objective on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on Fortrea in a research note on Tuesday, March 4th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Finally, Barclays cut their price objective on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $19.00.

Fortrea Price Performance

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 50 day moving average of $15.65 and a 200-day moving average of $18.54. The firm has a market capitalization of $875.39 million, a P/E ratio of -2.85, a P/E/G ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same period in the prior year, the business earned $0.19 earnings per share. On average, sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Insider Activity

In other news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 12,386 shares of company stock worth $219,751. Insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

A number of institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in shares of Fortrea by 21.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after purchasing an additional 63,766 shares in the last quarter. Starboard Value LP boosted its holdings in Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after purchasing an additional 400,000 shares during the period. State Street Corp boosted its stake in Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after buying an additional 233,577 shares during the period. Mutual of America Capital Management LLC raised its stake in Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock valued at $9,909,000 after purchasing an additional 40,748 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Fortrea by 25.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock worth $22,712,000 after acquiring an additional 227,109 shares during the last quarter.

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.