Fortrea (NASDAQ:FTRE) Hits New 52-Week Low – Time to Sell?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $14.27 and last traded at $14.62, with a volume of 76670 shares. The stock had previously closed at $14.91.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FTRE. Barclays boosted their target price on shares of Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Robert W. Baird lowered Fortrea from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. Finally, Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. 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, Fortrea presently has a consensus rating of “Hold” and an average price target of $23.30.

Fortrea Price Performance

The business has a 50-day moving average price of $18.48 and a 200-day moving average price of $20.12. The stock has a market cap of $1.35 billion, a PE ratio of -4.41, a price-to-earnings-growth ratio of 1.76 and a beta of 1.20. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Insiders Place Their Bets

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.12% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC acquired a new position in Fortrea in the 2nd quarter valued at $331,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Fortrea by 26.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock worth $182,000 after buying an additional 1,917 shares in the last quarter. Penn Davis Mcfarland Inc. raised its position in shares of Fortrea by 86.4% in the third quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after buying an additional 508,664 shares during the last quarter. Everence Capital Management Inc. lifted its stake in shares of Fortrea by 60.2% in the third quarter. Everence Capital Management Inc. now owns 12,320 shares of the company’s stock worth $246,000 after buying an additional 4,630 shares in the last quarter. Finally, Raleigh Capital Management Inc. acquired a new position in Fortrea during the third quarter worth about $57,000.

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.