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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) fell 6.4% during mid-day trading on Wednesday . The company traded as low as $19.78 and last traded at $19.80. 486,762 shares were traded during trading, a decline of 62% from the average session volume of 1,289,753 shares. The stock had previously closed at $21.15.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTRE. TD Cowen boosted their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and cut their price objective for the company from $30.00 to $23.00 in a research report on Wednesday. Finally, The Goldman Sachs Group dropped their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. According to MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus price target of $23.30.

Fortrea Stock Performance

The firm has a market cap of $1.74 billion, a PE ratio of -6.18, a PEG ratio of 3.27 and a beta of 1.14. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm’s 50 day simple moving average is $19.60 and its 200 day simple moving average is $22.27.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. On average, research analysts forecast that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Institutional Trading of Fortrea

Hedge funds have recently bought and sold shares of the stock. Cetera Advisors LLC purchased a new stake in shares of Fortrea during the 1st quarter valued at about $241,000. CWM LLC raised its position in shares of Fortrea by 12.5% during the 2nd quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after buying an additional 475 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Fortrea during the 2nd quarter valued at about $260,000. Blue Trust Inc. raised its position in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after buying an additional 1,434 shares in the last quarter. Finally, Gladius Capital Management LP purchased a new stake in shares of Fortrea during the 2nd quarter valued at about $30,000.

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.