Fortrea (NASDAQ:FTRE) Shares Gap Down – Time to Sell?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) gapped down before the market opened on Wednesday . The stock had previously closed at $21.95, but opened at $21.36. Fortrea shares last traded at $22.23, with a volume of 18,016 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on FTRE shares. Evercore ISI decreased their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. Citigroup decreased their target price on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft cut their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. Barclays lifted their price target on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and cut their price target for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $24.50.

Fortrea Stock Performance

The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.19. The stock has a market capitalization of $1.81 billion, a PE ratio of -5.91, a P/E/G ratio of 3.31 and a beta of 0.70. The stock has a 50 day moving average of $19.68 and a two-hundred day moving average of $23.75.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 earnings per share. Research analysts expect that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Institutional Trading of Fortrea

A number of institutional investors have recently bought and sold shares of the company. Keeley Teton Advisors LLC boosted its position in Fortrea by 2.7% during the first quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock worth $572,000 after purchasing an additional 370 shares in the last quarter. CWM LLC boosted its position in Fortrea by 12.5% during the second quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after purchasing an additional 475 shares in the last quarter. ProShare Advisors LLC boosted its position in Fortrea by 6.9% during the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock worth $328,000 after purchasing an additional 524 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Fortrea by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after purchasing an additional 572 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in Fortrea by 2.5% during the second quarter. Arizona State Retirement System now owns 23,769 shares of the company’s stock worth $555,000 after purchasing an additional 585 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.