Fortrea (NASDAQ:FTRE) Reaches New 1-Year Low - What's Next?

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $17.66 and last traded at $18.09, with a volume of 199596 shares changing hands. The stock had previously closed at $18.93.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. William Blair reissued a "market perform" rating on shares of Fortrea in a research report on Wednesday, September 11th. Evercore ISI decreased their price target on shares of Fortrea from $22.00 to $20.00 and set an "in-line" rating for the company in a research report on Tuesday, October 8th. Barclays cut their price objective on Fortrea from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. Bank of America decreased their target price on Fortrea from $26.00 to $21.00 and set an "underperform" rating for the company in a report on Tuesday, August 13th. Finally, TD Cowen decreased their price objective on Fortrea from $27.00 to $23.00 and set a "hold" rating for the company in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $23.60.

Fortrea Stock Down 6.0 %

The firm's 50 day simple moving average is $20.98 and its 200-day simple moving average is $25.95. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -13.04, a P/E/G ratio of 2.37 and a beta of 0.54. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same period last year, the company earned $0.52 earnings per share. The firm's revenue for the quarter was down 8.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.59 earnings per share for the current year.

Institutional Trading of Fortrea

A number of large investors have recently bought and sold shares of the business. Sei Investments Co. increased its stake in Fortrea by 311.2% in the first quarter. Sei Investments Co. now owns 78,873 shares of the company's stock valued at $3,165,000 after purchasing an additional 59,690 shares during the period. Jennison Associates LLC purchased a new stake in Fortrea during the 1st quarter valued at approximately $6,560,000. First Eagle Investment Management LLC raised its stake in Fortrea by 171.6% during the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company's stock valued at $10,793,000 after acquiring an additional 169,882 shares during the last quarter. Mutual of America Capital Management LLC lifted its position in Fortrea by 31.6% during the 1st quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company's stock worth $14,740,000 after acquiring an additional 88,159 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in shares of Fortrea by 466.0% in the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company's stock valued at $3,309,000 after purchasing an additional 67,865 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.