Fortrea (NASDAQ:FTRE) Hits New 52-Week Low – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $8.42 and last traded at $8.74, with a volume of 1726331 shares. The stock had previously closed at $9.40.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FTRE. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. The Goldman Sachs Group cut 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. Evercore ISI cut their price target on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on Fortrea in a research note on Tuesday, March 4th. Finally, Barclays dropped their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” 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 issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $19.00.

Fortrea Price Performance

The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The company has a fifty day moving average of $13.59 and a 200-day moving average of $17.57. The firm has a market cap of $754.07 million, a P/E ratio of -2.44, a P/E/G 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The business had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter last year, the company earned $0.19 EPS. On average, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the firm’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 completion of the sale, the chief executive officer now directly 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 filing with the SEC, which is available through this link. Insiders have sold a total of 13,029 shares of company stock worth $226,168 over the last three months. 0.12% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently bought and sold shares of FTRE. Charles Schwab Investment Management Inc. raised its stake in shares of Fortrea by 5.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company’s stock valued at $11,809,000 after purchasing an additional 29,285 shares during the period. FMR LLC lifted its holdings in shares of Fortrea by 91.6% in the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after buying an additional 2,304,677 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Fortrea by 192.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company’s stock valued at $9,458,000 after acquiring an additional 311,018 shares during the period. BBR Partners LLC grew its stake in Fortrea by 168.3% during the third quarter. BBR Partners LLC now owns 31,883 shares of the company’s stock valued at $638,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Financial Counselors Inc. increased its holdings in Fortrea by 1.4% during the 3rd quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock worth $1,955,000 after acquiring an additional 1,395 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.