Fortrea (NASDAQ:FTRE) Hits New 12-Month Low – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE) reached a new 52-week low during trading on Monday . The company 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.

Analysts Set New Price Targets

FTRE has been the subject of a number of research analyst reports. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. TD Cowen raised their target price on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Barclays boosted their price target on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and decreased their target price for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. Finally, William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $23.30.

Fortrea Price Performance

The firm has a market capitalization of $1.35 billion, a PE ratio of -4.41, a P/E/G ratio of 1.76 and a beta of 1.20. 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 stock has a fifty day moving average price of $18.48 and a 200-day moving average price of $20.12.

Insider Buying and Selling at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Fortrea

Several institutional investors have recently added to or reduced their stakes in the business. Hara Capital LLC acquired a new position in shares of Fortrea in the 3rd quarter valued at $29,000. Covestor Ltd grew its stake in Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after purchasing an additional 1,398 shares during the last quarter. Raleigh Capital Management Inc. acquired a new position in shares of Fortrea in the third quarter valued at about $57,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after purchasing an additional 572 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its holdings in shares of Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after purchasing an additional 1,361 shares during the period.

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.