Fortrea (NASDAQ:FTRE) Sets New 1-Year Low – Time to Sell?

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) hit a new 52-week low on Thursday . The company traded as low as $9.20 and last traded at $9.26, with a volume of 1955091 shares traded. The stock had previously closed at $9.64.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FTRE. Evercore ISI decreased their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, Barclays decreased their price objective on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $19.00.

Fortrea Price Performance

The firm has a 50-day moving average of $14.70 and a 200-day moving average of $18.08. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The firm has a market capitalization of $835.25 million, a P/E ratio of -2.71, a PEG ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. During the same period in the previous year, the company earned $0.19 earnings per share. As a group, analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Insider Transactions at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 13,029 shares of company stock worth $226,168 over the last three months. 0.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortrea

A number of hedge funds have recently added to or reduced their stakes in FTRE. Pacer Advisors Inc. boosted its stake in shares of Fortrea by 5,021,169.7% in the 3rd 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 boosted its position in Fortrea by 67.7% in the fourth quarter. FMR LLC now owns 8,086,806 shares of the company’s stock worth $150,819,000 after purchasing an additional 3,265,402 shares during the last quarter. Corvex Management LP boosted its position in Fortrea by 56.7% in the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock worth $64,919,000 after purchasing an additional 1,260,156 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Fortrea during the 4th quarter valued at about $7,787,000. Finally, Starboard Value LP boosted 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.

Fortrea Company Profile

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.