Fortrea (NASDAQ:FTRE) Reaches New 52-Week Low – What’s Next?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) hit a new 52-week low on Tuesday . The stock traded as low as $17.66 and last traded at $18.09, with a volume of 199596 shares. The stock had previously closed at $18.93.

Wall Street Analyst Weigh In

FTRE has been the subject of a number of recent analyst reports. Evercore ISI lowered their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Robert W. Baird dropped their price objective on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft reduced their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. Finally, Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and reduced their price objective for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $23.60.

Fortrea Price Performance

The company has a market cap of $1.62 billion, a PE ratio of -12.90, a P/E/G ratio of 2.37 and a beta of 0.54. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The company has a 50-day moving average price of $20.98 and a two-hundred day moving average price of $25.95.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The company had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm’s revenue was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 EPS. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several hedge funds and other institutional investors have recently bought and sold shares of FTRE. Vanguard Group Inc. acquired a new stake in shares of Fortrea during the fourth quarter worth approximately $347,110,000. Baupost Group LLC MA grew its holdings in Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after acquiring an additional 2,836,563 shares in the last quarter. Magnetar Financial LLC increased its position in shares of Fortrea by 228.6% in the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock worth $46,350,000 after purchasing an additional 1,381,489 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Fortrea in the 2nd quarter valued at about $23,192,000. Finally, Nordea Investment Management AB lifted its position in shares of Fortrea by 4,500.5% during the first quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock worth $39,259,000 after purchasing an additional 960,865 shares during 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.