Fortrea (NASDAQ:FTRE) Sets New 12-Month Low – Here’s What Happened

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) hit a new 52-week low on Tuesday . The company traded as low as $15.53 and last traded at $15.67, with a volume of 2215624 shares changing hands. The stock had previously closed at $16.81.

Analysts Set New Price Targets

A number of research firms have recently commented on FTRE. Barclays boosted their price target on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $28.00 to $25.00 in a report on Friday, December 6th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the company 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 research note on Friday, November 8th. Finally, TD Cowen raised their target price on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. One investment 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 company presently has a consensus rating of “Hold” and an average price target of $23.30.

Fortrea Stock Performance

The firm has a market capitalization of $1.40 billion, a P/E ratio of -4.55, a price-to-earnings-growth ratio of 1.92 and a beta of 1.21. The company has a 50-day moving average of $18.99 and a 200-day moving average of $20.48. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. Fortrea’s revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.24 earnings per share. On average, equities analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Thomas Pike sold 11,268 shares of the firm’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 of the company’s stock, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Fortrea

Institutional investors and hedge funds have recently modified their holdings of the business. Algert Global LLC acquired a new position in shares of Fortrea during the 2nd quarter valued at $200,000. Sanctuary Advisors LLC acquired a new position in shares of Fortrea during the second quarter valued at about $331,000. Willis Investment Counsel boosted its position in shares of Fortrea by 1.2% during the 3rd quarter. Willis Investment Counsel now owns 184,335 shares of the company’s stock worth $3,687,000 after purchasing an additional 2,252 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Fortrea by 26.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock valued at $182,000 after buying an additional 1,917 shares during the period. Finally, Penn Davis Mcfarland Inc. increased its position in Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after buying an additional 508,664 shares in the last quarter.

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.