Fortrea (NASDAQ:FTRE) Shares Gap Down - Here's What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $23.57, but opened at $22.94. Fortrea shares last traded at $22.00, with a volume of 861,096 shares.

Analysts Set New Price Targets

Several research firms recently commented on FTRE. Evercore ISI reduced their target price on Fortrea from $22.00 to $20.00 and set an "in-line" rating for the company in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft reduced their target price on Fortrea from $28.00 to $23.00 and set a "hold" rating for the company in a research report on Tuesday, August 20th. TD Cowen boosted their target price on Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. Jefferies Financial Group cut Fortrea from a "buy" rating to a "hold" rating and reduced their target price for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. Finally, Baird R W cut Fortrea from a "strong-buy" rating to a "hold" rating in a research report on Friday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $24.00.

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 company has a 50 day simple moving average of $19.52 and a 200-day simple moving average of $22.35. The stock has a market cap of $1.94 billion, a P/E ratio of -6.34, a price-to-earnings-growth ratio of 3.58 and a beta of 1.16.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same period last year, the firm posted $0.24 EPS. The company's revenue was down 5.4% on a year-over-year basis. On average, equities analysts expect that Fortrea Holdings Inc. will post 0.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Hedge funds and other institutional investors have recently modified their holdings of the stock. Penn Davis Mcfarland Inc. lifted its stake in shares of Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company's stock valued at $21,944,000 after acquiring an additional 508,664 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new stake in shares of Fortrea in the 2nd quarter valued at about $23,192,000. Mutual of America Capital Management LLC lifted its stake 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 valued at $9,909,000 after acquiring an additional 40,748 shares during the last quarter. Starboard Value LP lifted its stake 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 last quarter. Finally, First Eagle Investment Management LLC raised its position in Fortrea by 40.4% during the 2nd quarter. First Eagle Investment Management LLC now owns 377,382 shares of the company's stock valued at $8,808,000 after purchasing an additional 108,500 shares during the last quarter.

About Fortrea

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.