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

Fortrea Holdings Inc. (NASDAQ:FTRE) shares hit a new 52-week low on Tuesday . The stock traded as low as $7.45 and last traded at $7.55, with a volume of 1777450 shares. The stock had previously closed at $8.03.

Wall Street Analyst Weigh In

FTRE has been the topic of several recent research reports. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Barclays cut their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group decreased their price objective on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.00.

Fortrea Stock Performance

The company’s 50-day moving average is $12.74 and its two-hundred day moving average is $17.19. The company has a market capitalization of $677.40 million, a P/E ratio of -2.20, a PEG ratio of 1.78 and a beta of 2.10. 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 issued its quarterly earnings results on Monday, March 3rd. The company reported $0.18 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 during the quarter, compared to the consensus estimate of $703.22 million. During the same period in the previous year, the company earned $0.19 EPS. Equities analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share 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 on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 13,029 shares of company stock worth $226,168. 0.12% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortrea

Several 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. bought a new position in shares of Fortrea in the fourth quarter worth approximately $35,000. Covestor Ltd increased its stake in shares of Fortrea by 57.7% in the fourth quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after buying an additional 1,593 shares during the period. Quarry LP raised its holdings in Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $81,000 after buying an additional 4,034 shares during the last quarter. Finally, Cullen Frost Bankers Inc. boosted its position in Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after buying an additional 1,361 shares during the period.

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.