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

Fortrea Holdings Inc. (NASDAQ:FTRE) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $8.42 and last traded at $8.74, with a volume of 1726331 shares changing hands. The stock had previously closed at $9.40.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FTRE shares. Barclays dropped their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. The Goldman Sachs Group lowered their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Finally, Evercore ISI decreased their price objective on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $19.00.

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 1.18. The company has a market capitalization of $788.35 million, a price-to-earnings ratio of -2.56, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The firm has a fifty day simple moving average of $13.96 and a 200 day simple moving average of $17.70.

Fortrea (NASDAQ:FTRE) last issued its quarterly 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). The company had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the previous year, the firm posted $0.19 EPS. On average, analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Activity at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 13,029 shares of company stock valued at $226,168. 0.12% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortrea

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea in the fourth quarter worth about $30,000. GF Fund Management CO. LTD. purchased a new position in Fortrea in the 4th quarter worth approximately $35,000. Covestor Ltd lifted its stake in Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after purchasing an additional 1,593 shares in the last quarter. Quarry LP boosted its holdings in shares of Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $81,000 after purchasing an additional 4,034 shares during the last quarter. Finally, Cullen Frost Bankers Inc. grew its position in shares of Fortrea by 31.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after purchasing an additional 1,361 shares in 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.