Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $15.53 and last traded at $15.67, with a volume of 2215624 shares trading hands. The stock had previously closed at $16.81.
Analysts Set New Price Targets
FTRE has been the subject of a number of research analyst reports. Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a report on Friday, December 6th. Barclays lifted 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. Citigroup cut shares of Fortrea from a "buy" rating to a "neutral" rating and lowered their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. William Blair reiterated a "market perform" rating on shares of Fortrea in a research note on Friday, November 8th. Finally, TD Cowen boosted their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a report on Monday, November 11th. One equities research 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 company has an average rating of "Hold" and an average target price of $23.30.
Read Our Latest Analysis on Fortrea
Fortrea Price Performance
The company has a market capitalization of $1.34 billion, a P/E ratio of -4.36, a price-to-earnings-growth ratio of 1.92 and a beta of 1.21. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The firm's 50-day moving average is $18.74 and its 200-day moving average is $20.36.
Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $674.90 million during the quarter, compared to analysts' expectations of $674.86 million. During the same quarter last year, the company earned $0.24 earnings per share. The company's revenue for the quarter was down 5.4% on a year-over-year basis. Analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Thomas Pike sold 11,268 shares of the firm's 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.12% of the company's stock.
Institutional Investors Weigh In On Fortrea
Institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company's stock valued at $64,000 after acquiring an additional 572 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Fortrea by 2.0% during the third quarter. Janus Henderson Group PLC now owns 41,292 shares of the company's stock valued at $825,000 after purchasing an additional 792 shares in the last quarter. Willis Investment Counsel increased its holdings in shares of Fortrea by 0.6% in the fourth quarter. Willis Investment Counsel now owns 185,473 shares of the company's stock worth $3,459,000 after purchasing an additional 1,138 shares during the last quarter. Cullen Frost Bankers Inc. lifted its position in shares of Fortrea by 31.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock worth $105,000 after buying an additional 1,361 shares in the last quarter. Finally, Financial Counselors Inc. boosted its stake in Fortrea by 1.4% during the third quarter. Financial Counselors Inc. now owns 97,759 shares of the company's stock valued at $1,955,000 after buying an additional 1,395 shares during the last quarter.
About Fortrea
(
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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