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

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $15.53 and last traded at $15.67, with a volume of 2215624 shares traded. The stock had previously closed at $16.81.

Analyst Ratings Changes

A number of brokerages have recently commented on FTRE. TD Cowen boosted their price objective on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Evercore ISI lowered their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Robert W. Baird downgraded Fortrea from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. Finally, Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $23.30.

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 50-day moving average price of $19.21 and a 200-day moving average price of $20.58. The firm has a market capitalization of $1.41 billion, a PE ratio of -4.58, a P/E/G ratio of 1.92 and a beta of 1.21.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. During the same period in the prior year, the business posted $0.24 earnings per share. Fortrea’s revenue was down 5.4% on a year-over-year basis. Sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Insider Activity

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea 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 transaction, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hara Capital LLC acquired a new position in Fortrea in the third quarter valued at $29,000. Covestor Ltd boosted its holdings in Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after acquiring an additional 1,398 shares during the last quarter. Raleigh Capital Management Inc. acquired a new position in Fortrea in the third quarter valued at $57,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after acquiring an additional 572 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Fortrea by 26.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock valued at $182,000 after acquiring an additional 1,917 shares during 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.