Fortrea (NASDAQ:FTRE) Shares Down 5% - Here's Why

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report)'s share price was down 5% during trading on Monday . The company traded as low as $15.53 and last traded at $15.97. Approximately 837,173 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 1,037,656 shares. The stock had previously closed at $16.81.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FTRE shares. Robert W. Baird cut Fortrea from an "outperform" rating to a "neutral" rating and decreased their price target for the stock from $28.00 to $25.00 in a research note on Friday, December 6th. Citigroup lowered shares of Fortrea from a "buy" rating to a "neutral" rating and reduced their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. Barclays upped their target price on shares of Fortrea from $20.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, November 11th. TD Cowen lifted their price target on shares of Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a research note on Monday, November 11th. Finally, William Blair restated a "market perform" rating on shares of Fortrea in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $23.30.

Fortrea Price Performance

The firm has a market cap of $1.38 billion, a P/E ratio of -4.50, a P/E/G ratio of 1.92 and a beta of 1.21. The firm's fifty day simple moving average is $18.87 and its 200 day simple moving average is $20.44. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). The firm had revenue of $674.90 million during the quarter, compared to the consensus estimate 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 was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. As a group, analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Insider Activity 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 shares were sold at an average price of $18.04, for a total value 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. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.12% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortrea

Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings 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 buying an additional 63,766 shares during the period. Penn Davis Mcfarland Inc. lifted its stake in Fortrea by 86.4% in the third quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company's stock worth $21,944,000 after acquiring an additional 508,664 shares during the period. Starboard Value LP grew 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 acquiring an additional 400,000 shares in the last quarter. State Street Corp raised 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 valued at $65,014,000 after purchasing an additional 233,577 shares in the last quarter. Finally, Mutual of America Capital Management LLC lifted its position in shares of Fortrea by 9.0% in the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company's stock worth $9,909,000 after purchasing an additional 40,748 shares during the period.

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.