Fortrea (NASDAQ:FTRE) Reaches New 1-Year Low – Here’s Why

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

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Bank of America reduced their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. Evercore ISI lowered their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Citigroup cut their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $23.60.

Fortrea Trading Down 4.3 %

The stock has a market capitalization of $1.62 billion, a P/E ratio of -12.90, a price-to-earnings-growth ratio of 2.37 and a beta of 0.54. The business has a 50 day simple moving average of $20.98 and a 200-day simple moving average of $25.95. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FTRE. Vanguard Group Inc. acquired a new stake in shares of Fortrea during the 4th quarter valued at $347,110,000. Baupost Group LLC MA raised its position in shares of Fortrea by 933.7% during the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after purchasing an additional 2,836,563 shares during the period. Magnetar Financial LLC lifted its holdings in shares of Fortrea by 228.6% during the second quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock valued at $46,350,000 after purchasing an additional 1,381,489 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Fortrea during the second quarter valued at $23,192,000. Finally, Nordea Investment Management AB boosted its position in shares of Fortrea by 4,500.5% in the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock valued at $39,259,000 after purchasing an additional 960,865 shares during the period.

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.