Fortrea (NASDAQ:FTRE) Stock Price Down 5.3% – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE) was down 5.3% on Tuesday . The company traded as low as $9.09 and last traded at $8.90. Approximately 51,854 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 1,442,169 shares. The stock had previously closed at $9.40.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Barclays decreased their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group lowered their target price on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on shares of Fortrea in a research report on Tuesday, March 4th. Evercore ISI lowered their price objective 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. Finally, Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.00.

Fortrea Stock Down 7.0 %

The company has a market cap of $788.80 million, a PE ratio of -2.56, a P/E/G ratio of 1.78 and a beta of 1.34. The stock has a 50-day moving average of $14.14 and a 200-day moving average of $17.78. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results 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). The business had revenue of $697.00 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the business earned $0.19 EPS. Sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 13,029 shares of company stock worth $226,168 over the last 90 days. Corporate insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

A number of hedge funds have recently bought and sold shares of the company. FMR LLC raised its position in Fortrea by 67.7% in the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock worth $150,819,000 after purchasing an additional 3,265,402 shares during the period. Corvex Management LP increased its holdings in shares of Fortrea by 56.7% in the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock worth $64,919,000 after buying an additional 1,260,156 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Fortrea in the 4th quarter valued at about $7,787,000. Starboard Value LP lifted 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 acquiring an additional 400,000 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Fortrea by 2,996.0% during the 4th quarter. Renaissance Technologies LLC now owns 321,982 shares of the company’s stock valued at $6,005,000 after acquiring an additional 311,582 shares during the period.

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.