Fortrea (NASDAQ:FTRE) Trading Down 6.4% – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price was down 6.4% on Wednesday . The company traded as low as $19.78 and last traded at $19.80. Approximately 486,762 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 1,289,753 shares. The stock had previously closed at $21.15.

Analysts Set New Price Targets

A number of analysts recently weighed in on FTRE shares. Evercore ISI reduced their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $30.00 to $23.00 in a research note on Wednesday. The Goldman Sachs Group dropped their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Barclays upped their target price on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $23.30.

Fortrea Trading Down 8.0 %

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock’s 50 day moving average price is $19.60 and its 200-day moving average price is $22.27. The stock has a market capitalization of $1.74 billion, a P/E ratio of -6.18, a P/E/G ratio of 3.27 and a beta of 1.14.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Friday, November 8th. The company reported $0.23 EPS 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 firm had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. During the same period in the previous year, the company earned $0.24 EPS. The company’s revenue was down 5.4% on a year-over-year basis. As a group, equities research analysts expect that Fortrea Holdings Inc. will post 0.57 earnings per share for the current year.

Institutional Investors Weigh In On Fortrea

Hedge funds and other institutional investors have recently bought and sold shares of the company. Starboard Value LP raised its holdings in shares of Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after buying an additional 400,000 shares during the last quarter. Sessa Capital IM L.P. raised its holdings in shares of Fortrea by 2.3% in the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after buying an additional 158,044 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after buying an additional 6,125,827 shares during the last quarter. FMR LLC raised its holdings in shares of Fortrea by 91.6% in the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after buying an additional 2,304,677 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after buying an additional 233,577 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.