Fortrea (NASDAQ:FTRE) Reaches New 12-Month Low – Time to Sell?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $9.52 and last traded at $9.67, with a volume of 267440 shares trading hands. The stock had previously closed at $9.92.

Analyst Ratings Changes

Several equities analysts have weighed in on FTRE shares. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Barclays reduced their price objective on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their target price for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. Evercore ISI lowered their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research report on Tuesday, March 4th. Finally, Baird R W downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $19.00.

Fortrea Stock Up 0.8 %

The stock has a 50 day moving average price of $15.46 and a 200 day moving average price of $18.48. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market capitalization of $871.33 million, a P/E ratio of -2.82, a PEG ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $703.22 million. During the same period last year, the business posted $0.19 EPS. Equities research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Activity at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have sold 13,029 shares of company stock valued at $226,168. Corporate insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTRE. JPMorgan Chase & Co. boosted its stake in shares of Fortrea by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after buying an additional 63,766 shares during the last quarter. Starboard Value LP grew its stake in shares of Fortrea by 5.0% during the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after purchasing an additional 400,000 shares during the period. State Street Corp lifted its stake in shares of Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after purchasing an additional 233,577 shares during the period. Mutual of America Capital Management LLC boosted its holdings in shares of Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after buying an additional 40,748 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Fortrea by 25.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock valued at $22,712,000 after buying an additional 227,109 shares during 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.