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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) reached a new 52-week low on Wednesday . The company traded as low as $16.35 and last traded at $16.85, with a volume of 93029 shares traded. The stock had previously closed at $17.15.

Analyst Ratings Changes

A number of analysts recently weighed in on FTRE shares. The Goldman Sachs Group cut their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Barclays upped their target price on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $28.00 to $25.00 in a research note on Friday, December 6th. Finally, Evercore ISI lowered their price target on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $23.30.

Fortrea Price Performance

The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -4.92, a P/E/G ratio of 2.07 and a beta of 1.24. The company has a fifty day moving average price of $19.48 and a two-hundred day moving average price of $20.88. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm 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%. Fortrea’s revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 earnings per share. On average, equities research analysts expect that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Transactions at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the company’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 owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Fortrea

Large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its position 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 worth $64,000 after acquiring an additional 572 shares in the last quarter. Janus Henderson Group PLC raised its position in Fortrea by 2.0% in the third quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after acquiring an additional 792 shares in the last quarter. Willis Investment Counsel raised its position 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 acquiring an additional 1,138 shares in the last quarter. University of Texas Texas AM Investment Management Co. raised its position in Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after acquiring an additional 1,250 shares in the last quarter. Finally, Financial Counselors Inc. increased its position in shares of Fortrea by 1.4% in the third quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock valued at $1,955,000 after buying 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.