Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $7.45 and last traded at $7.55, with a volume of 1777450 shares trading hands. The stock had previously closed at $8.03.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on FTRE. Barclays decreased their target price on Fortrea from $25.00 to $12.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. The Goldman Sachs Group decreased their price objective on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Citigroup cut shares of Fortrea from a "buy" rating to a "neutral" rating and dropped their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. William Blair restated a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Finally, Baird R W cut shares of Fortrea from a "strong-buy" rating to a "hold" rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $19.00.
View Our Latest Stock Report on FTRE
Fortrea Trading Down 4.9 %
The firm has a 50-day simple moving average of $12.28 and a 200-day simple moving average of $16.97. 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 stock has a market cap of $582.69 million, a PE ratio of -1.89, a P/E/G ratio of 1.78 and a beta of 2.10.
Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $697.00 million for the quarter, compared to analysts' expectations of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period last year, the company posted $0.19 EPS. Equities analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.
Insider Activity at Fortrea
In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction 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 owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders sold 13,029 shares of company stock valued at $226,168. Corporate insiders own 0.12% of the company's stock.
Hedge Funds Weigh In On Fortrea
A number of institutional investors have recently added to or reduced their stakes in FTRE. Vanguard Group Inc. boosted its position in shares of Fortrea by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company's stock valued at $184,341,000 after acquiring an additional 120,599 shares during the last quarter. FMR LLC lifted its position in Fortrea by 67.7% during the fourth quarter. FMR LLC now owns 8,086,806 shares of the company's stock valued at $150,819,000 after purchasing an additional 3,265,402 shares during the last quarter. Corvex Management LP grew its stake in Fortrea by 56.7% in the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock worth $64,919,000 after buying an additional 1,260,156 shares in the last quarter. State Street Corp grew its stake in Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company's stock worth $65,014,000 after buying an additional 233,577 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Fortrea by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,502,546 shares of the company's stock worth $30,059,000 after buying an additional 20,825 shares during the last quarter.
Fortrea Company Profile
(
Get Free Report)
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.
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