Fortrea (NASDAQ:FTRE) Sets New 1-Year Low - Here's What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) shares reached a new 52-week low on Monday . The company traded as low as $14.27 and last traded at $14.62, with a volume of 76670 shares trading hands. The stock had previously closed at $14.91.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Barclays increased their target price on shares of Fortrea from $20.00 to $25.00 and gave the company an "equal weight" rating in a research report on Monday, November 11th. Citigroup downgraded Fortrea from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. TD Cowen upped their price target on Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a research report on Monday, November 11th. William Blair reiterated a "market perform" rating on shares of Fortrea in a research note on Friday, November 8th. Finally, Baird R W cut Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $23.30.

Fortrea Stock Performance

The stock has a market capitalization of $1.35 billion, a P/E ratio of -4.41, a PEG ratio of 1.76 and a beta of 1.20. 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 company has a 50-day moving average price of $18.61 and a two-hundred day moving average price of $20.21.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million during the quarter, compared to analysts' expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. Equities analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Insider Transactions at Fortrea

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 completion of the transaction, the chief executive officer now owns 159,868 shares of the company's stock, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.12% of the company's stock.

Institutional Investors Weigh In On Fortrea

Several hedge funds have recently bought and sold shares of FTRE. Starboard Value LP raised its position in shares of Fortrea by 5.0% during the 3rd 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 in the last quarter. Sessa Capital IM L.P. raised its position in Fortrea by 2.3% during the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company's stock valued at $138,161,000 after purchasing an additional 158,044 shares in the last quarter. Pacer Advisors Inc. raised its position in Fortrea by 5,021,169.7% during the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company's stock valued at $122,519,000 after purchasing an additional 6,125,827 shares in the last quarter. FMR LLC boosted its holdings in shares of Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company's stock worth $96,428,000 after purchasing an additional 2,304,677 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of 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 purchasing an additional 233,577 shares in the last quarter.

Fortrea Company Profile

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.