Fortrea (NASDAQ:FTRE) Shares Down 5.3% – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE) traded down 5.3% during trading on Thursday . The company traded as low as $17.19 and last traded at $17.52. 1,334,856 shares changed hands during trading, an increase of 5% from the average session volume of 1,272,530 shares. The stock had previously closed at $18.51.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Bank of America reduced their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Barclays dropped their price target on shares of Fortrea from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Robert W. Baird dropped their price target on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, August 13th. The Goldman Sachs Group dropped their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Fortrea has an average rating of “Hold” and an average target price of $23.60.

Fortrea Trading Down 5.5 %

The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. The firm’s 50 day simple moving average is $20.79 and its two-hundred day simple moving average is $25.74. The stock has a market cap of $1.56 billion, a P/E ratio of -13.32, a price-to-earnings-growth ratio of 2.37 and a beta of 0.54.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The business had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. During the same quarter in the previous year, the firm earned $0.52 EPS. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. As a group, equities research analysts predict that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently modified their holdings of FTRE. nVerses Capital LLC acquired a new position in shares of Fortrea during the second quarter valued at $26,000. Gladius Capital Management LP acquired a new position in shares of Fortrea during the second quarter valued at $30,000. Concord Wealth Partners boosted its holdings in shares of Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after acquiring an additional 521 shares during the period. Blue Trust Inc. lifted its holdings in Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after purchasing an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. lifted its holdings in Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after purchasing an additional 1,250 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.