Fortrea (NASDAQ:FTRE) Hits New 1-Year Low – Here’s What Happened

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) hit a new 52-week low during trading on Wednesday . The company traded as low as $17.14 and last traded at $17.29, with a volume of 251023 shares. The stock had previously closed at $17.73.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Jefferies Financial Group downgraded shares of Fortrea from a “buy” rating to a “hold” rating and reduced their price objective for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. Citigroup decreased their price target on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Robert W. Baird cut their price objective on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Wednesday, September 11th. Finally, The Goldman Sachs Group dropped their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $23.60.

Fortrea Trading Up 0.2 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The stock’s 50-day moving average is $20.31 and its two-hundred day moving average is $24.98. The company has a market cap of $1.51 billion, a P/E ratio of -5.17, a P/E/G ratio of 2.76 and a beta of 0.54.

Fortrea (NASDAQ:FTRE) last released its quarterly 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). The firm had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. Fortrea’s quarterly revenue was down 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share. As a group, equities research analysts predict that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Trading of Fortrea

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pullen Investment Management LLC bought a new stake in Fortrea during the first quarter valued at about $284,000. Nordea Investment Management AB lifted its holdings in Fortrea by 4,500.5% during the first quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock valued at $39,259,000 after purchasing an additional 960,865 shares in the last quarter. Mutual of America Capital Management LLC boosted its position in shares of Fortrea by 31.6% in the first quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company’s stock worth $14,740,000 after purchasing an additional 88,159 shares during the period. Jennison Associates LLC purchased a new stake in shares of Fortrea in the first quarter worth $6,560,000. Finally, Financial Counselors Inc. raised its position in shares of Fortrea by 0.4% during the 1st quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock valued at $3,808,000 after purchasing an additional 395 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.