Fortrea (NASDAQ:FTRE) Hits New 52-Week Low – Should You Sell?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price reached a new 52-week low during trading on Thursday . The company traded as low as $14.14 and last traded at $14.10, with a volume of 580832 shares changing hands. The stock had previously closed at $15.08.

Analyst Ratings Changes

FTRE has been the subject of several research reports. TD Cowen lifted their price objective on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Barclays raised their price objective on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $23.30.

Fortrea Stock Down 6.8 %

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm’s 50-day moving average price is $17.18 and its 200 day moving average price is $19.30. The firm has a market cap of $1.26 billion, a P/E ratio of -4.11, a price-to-earnings-growth ratio of 1.78 and a beta of 1.21.

Insiders Place Their Bets

In related news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 12,386 shares of company stock worth $219,751. Insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FTRE. Pacer Advisors Inc. increased its position in shares of Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after acquiring an additional 6,125,827 shares in the last quarter. FMR LLC lifted its position in Fortrea by 67.7% during the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock worth $150,819,000 after acquiring an additional 3,265,402 shares during the last quarter. Corvex Management LP raised its stake in Fortrea by 56.7% during the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock valued at $64,919,000 after purchasing an additional 1,260,156 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Fortrea during the 4th quarter worth approximately $7,787,000. Finally, Starboard Value LP raised its position in Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after purchasing an additional 400,000 shares in 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.