Fortrea (NASDAQ:FTRE) Shares Down 5.3% - Should You Sell?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) traded down 5.3% during mid-day trading on Tuesday . The company traded as low as $9.09 and last traded at $8.90. 51,854 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 1,442,169 shares. The stock had previously closed at $9.40.

Wall Street Analyst Weigh In

FTRE has been the subject of several recent research reports. 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 report on Wednesday, December 11th. Barclays dropped their price objective on Fortrea from $25.00 to $12.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. Baird R W cut Fortrea from a "strong-buy" rating to a "hold" rating in a report on Friday, December 6th. Evercore ISI decreased their target price on Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group cut their price target on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $19.00.

Fortrea Stock Performance

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 stock has a 50-day moving average price of $13.39 and a 200 day moving average price of $17.49. The company 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.

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Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share 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 period in the previous year, the firm posted $0.19 EPS. As a group, analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortrea 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 value of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders sold 13,029 shares of company stock valued at $226,168. Company insiders own 0.12% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FTRE. JPMorgan Chase & Co. boosted its holdings in shares of Fortrea by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock valued at $7,288,000 after buying an additional 63,766 shares during the last quarter. Starboard Value LP grew its position in shares of Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock valued at $168,000,000 after acquiring an additional 400,000 shares during the period. 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 during the period. Jacobs Levy Equity Management Inc. lifted its stake in Fortrea by 25.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company's stock valued at $22,712,000 after purchasing an additional 227,109 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Fortrea by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company's stock worth $11,809,000 after buying an additional 29,285 shares during 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.