Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) reached a new 52-week low during trading on Wednesday . The company traded as low as $8.42 and last traded at $8.74, with a volume of 1726331 shares traded. The stock had previously closed at $9.40.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on FTRE shares. Baird R W cut Fortrea from a "strong-buy" rating to a "hold" rating in a report on Friday, December 6th. Barclays reduced their price target on shares of 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 restated a "market perform" rating on shares of Fortrea in a research report on Tuesday, March 4th. Evercore ISI dropped their target price on shares of Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group decreased their price target on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $19.00.
Check Out Our Latest Research Report on Fortrea
Fortrea Stock Down 3.9 %
The business's fifty day simple moving average is $13.39 and its 200 day simple moving average is $17.47. The stock has a market cap of $724.31 million, a price-to-earnings ratio of -2.35, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.
Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter in the prior year, the company posted $0.19 EPS. Equities analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.
Insider Buying and Selling at Fortrea
In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now directly owns 159,868 shares of the company's stock, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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.
Institutional Trading of Fortrea
Several hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in shares of Fortrea by 67.7% in the fourth 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 in the last quarter. Corvex Management LP grew its position in shares of Fortrea by 56.7% in 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 period. Point72 Asset Management L.P. bought a new stake in Fortrea during the 4th quarter worth approximately $7,787,000. Starboard Value LP raised its holdings in Fortrea by 5.0% during the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock worth $168,000,000 after buying an additional 400,000 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in Fortrea by 2,996.0% in the fourth quarter. Renaissance Technologies LLC now owns 321,982 shares of the company's stock valued at $6,005,000 after buying an additional 311,582 shares in 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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