Fortrea (NASDAQ:FTRE) Reaches New 1-Year Low – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE) hit a new 52-week low 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.

Analysts Set New Price Targets

FTRE has been the topic of several recent research reports. Robert W. Baird set a $12.00 price target on Fortrea in a research note on Tuesday, March 4th. Evercore ISI reduced their price target 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. The Goldman Sachs Group lowered their price objective on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and an average target price of $19.00.

Fortrea Stock Down 1.1 %

The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a market cap of $754.07 million, a P/E ratio of -2.44, a PEG ratio of 1.78 and a beta of 1.34. The firm has a 50-day simple moving average of $13.59 and a two-hundred day simple moving average of $17.57.

Fortrea (NASDAQ:FTRE) last issued 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 business had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. During the same quarter last year, the firm earned $0.19 EPS. Equities research analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was 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. Insiders have sold 13,029 shares of company stock valued at $226,168 over the last 90 days. 0.12% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortrea

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Fortrea by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock valued at $184,341,000 after buying an additional 120,599 shares in the last quarter. Starboard Value LP boosted its stake in shares of Fortrea by 5.0% in 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 in the last quarter. FMR LLC boosted its position in Fortrea by 67.7% in the fourth quarter. FMR LLC now owns 8,086,806 shares of the company’s stock valued at $150,819,000 after buying an additional 3,265,402 shares in the last quarter. Corvex Management LP boosted its holdings in shares of Fortrea by 56.7% during the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock valued at $64,919,000 after acquiring an additional 1,260,156 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after purchasing an additional 233,577 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.