Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) was down 4.2% during trading on Wednesday . The company traded as low as $9.30 and last traded at $9.24. Approximately 469,975 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 1,389,724 shares. The stock had previously closed at $9.64.
Wall Street Analyst Weigh In
A number of brokerages recently commented on FTRE. William Blair reissued a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on Fortrea in a research report on Tuesday, March 4th. Citigroup downgraded Fortrea from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Evercore ISI dropped their price objective on Fortrea from $20.00 to $15.00 and set an "in-line" rating for the company in a report on Tuesday, March 4th. Finally, Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $19.00.
Check Out Our Latest Stock Report on Fortrea
Fortrea Price Performance
The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The business's 50-day simple moving average is $14.32 and its 200-day simple moving average is $17.88. The company has a market capitalization of $791.05 million, a PE ratio of -2.56, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34.
Fortrea (NASDAQ:FTRE - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million for the quarter, compared to analysts' expectations of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period last year, the business earned $0.19 EPS. As a group, equities research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.
Insider Buying and Selling
In related 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 owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 13,029 shares of company stock valued at $226,168 over the last ninety days. Company insiders own 0.12% of the company's stock.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fortrea in the 4th quarter valued at about $30,000. GF Fund Management CO. LTD. purchased a new stake in shares of Fortrea in the fourth quarter valued at approximately $35,000. Covestor Ltd increased its position in shares of Fortrea by 57.7% in the fourth quarter. Covestor Ltd now owns 4,356 shares of the company's stock valued at $81,000 after buying an additional 1,593 shares in the last quarter. Quarry LP raised its stake in shares of Fortrea by 1,218.7% during the 4th quarter. Quarry LP now owns 4,365 shares of the company's stock worth $81,000 after buying an additional 4,034 shares during the period. Finally, Cullen Frost Bankers Inc. lifted its position in shares of Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock valued at $105,000 after buying an additional 1,361 shares in 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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