Fortrea (NASDAQ:FTRE) Trading Down 4.2% – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price was down 4.2% during trading on Wednesday . The company traded as low as $9.30 and last traded at $9.24. Approximately 469,975 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 1,389,724 shares. The stock had previously closed at $9.64.

Analysts Set New Price Targets

FTRE has been the subject of a number of research reports. Robert W. Baird set a $12.00 target price on Fortrea in a research note on Tuesday, March 4th. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. The Goldman Sachs Group lowered their target price on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, Barclays lowered their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research note 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 stock. According to MarketBeat.com, Fortrea currently has an average rating of “Hold” and an average target price of $19.00.

Fortrea Stock Performance

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a market cap of $791.05 million, a P/E ratio of -2.56, a PEG ratio of 1.78 and a beta of 1.34. The stock has a fifty day simple moving average of $14.51 and a 200-day simple moving average of $18.01.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. During the same quarter last year, the business posted $0.19 EPS. Equities analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea 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 transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 13,029 shares of company stock worth $226,168. Insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Fortrea

Institutional investors have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fortrea during the 4th quarter valued at about $30,000. GF Fund Management CO. LTD. bought a new stake in Fortrea in the 4th quarter valued at 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 valued at $81,000 after acquiring an additional 1,593 shares in the last quarter. Quarry LP lifted its stake in Fortrea by 1,218.7% in the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $81,000 after acquiring an additional 4,034 shares in the last quarter. Finally, Cullen Frost Bankers Inc. lifted its stake in Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after acquiring an additional 1,361 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.