Fortrea (NASDAQ:FTRE) Trading Down 4.2% – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price was down 4.2% during mid-day trading on Wednesday . The stock traded as low as $9.30 and last traded at $9.24. Approximately 469,975 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 1,389,724 shares. The stock had previously closed at $9.64.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FTRE shares. Robert W. Baird set a $12.00 price target on Fortrea in a research report on Tuesday, March 4th. Barclays decreased their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. The Goldman Sachs Group decreased their target price on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Finally, Evercore ISI decreased their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and a consensus target price of $19.00.

Fortrea Trading Down 4.0 %

The stock has a market cap of $834.98 million, a P/E ratio of -2.72, a PEG ratio of 1.78 and a beta of 1.34. 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 business’s 50 day simple moving average is $14.88 and its 200 day simple moving average is $18.14.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. During the same quarter last year, the firm posted $0.19 EPS. On average, analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 13,029 shares of company stock worth $226,168. Insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in Fortrea in the 4th quarter worth approximately $30,000. GF Fund Management CO. LTD. bought a new position in Fortrea in the 4th quarter worth approximately $35,000. Covestor Ltd raised its position in Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after purchasing an additional 1,593 shares during the last quarter. Quarry LP raised its position in Fortrea by 1,218.7% in the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $81,000 after purchasing an additional 4,034 shares during the last quarter. Finally, Cullen Frost Bankers Inc. raised its position in Fortrea by 31.9% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after purchasing an additional 1,361 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.