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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) hit a new 52-week low during trading on Thursday . The company traded as low as $9.52 and last traded at $9.67, with a volume of 267440 shares trading hands. The stock had previously closed at $9.92.

Analysts Set New Price Targets

FTRE has been the topic of several recent analyst reports. Baird R W lowered shares of Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Friday, December 6th. Evercore ISI dropped their price objective on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research note on Tuesday, March 4th. Citigroup downgraded Fortrea from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. Barclays dropped their price target on Fortrea from $25.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 4th. Finally, William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to data from MarketBeat, Fortrea currently has a consensus rating of "Hold" and a consensus price target of $19.00.

Fortrea Price Performance

The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market cap of $891.63 million, a price-to-earnings ratio of -2.88, a PEG ratio of 1.78 and a beta of 1.34. The business has a fifty day moving average price of $15.27 and a 200 day moving average price of $18.33.

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Fortrea (NASDAQ:FTRE - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. During the same period in the previous year, the firm posted $0.19 EPS. As a group, research analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Thomas Pike sold 11,268 shares of the business's stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now directly 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 document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 13,029 shares of company stock valued at $226,168. 0.12% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortrea

Several hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its stake in shares of Fortrea by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock worth $7,288,000 after purchasing an additional 63,766 shares during the last quarter. Starboard Value LP increased its stake in shares of Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock valued at $168,000,000 after buying an additional 400,000 shares during the period. State Street Corp increased its stake in shares of Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company's stock valued at $65,014,000 after buying an additional 233,577 shares during the period. Mutual of America Capital Management LLC boosted its holdings in Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company's stock valued at $9,909,000 after acquiring an additional 40,748 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in Fortrea by 25.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company's stock valued at $22,712,000 after purchasing an additional 227,109 shares during the period.

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.