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

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $17.66 and last traded at $18.09, with a volume of 199596 shares trading hands. The stock had previously closed at $18.93.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FTRE. Evercore ISI cut their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. Jefferies Financial Group downgraded shares of Fortrea from a “buy” rating to a “hold” rating and reduced their target price for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. Barclays dropped their price target on shares of Fortrea from $21.00 to $20.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Citigroup reduced their price objective on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, Robert W. Baird dropped their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and an average price target of $23.60.

Fortrea Stock Performance

The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. The firm’s fifty day moving average price is $20.79 and its 200 day moving average price is $25.74. The firm has a market cap of $1.65 billion, a P/E ratio of -13.32, a price-to-earnings-growth ratio of 2.37 and a beta of 0.54.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The company had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company’s revenue was down 8.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 earnings per share. Sell-side analysts expect that Fortrea Holdings Inc. will post 0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. purchased a new stake in shares of Fortrea during the fourth quarter worth about $347,110,000. Sessa Capital IM L.P. raised its holdings in shares of Fortrea by 5.9% in the second quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company’s stock worth $157,545,000 after buying an additional 375,000 shares during the last quarter. Boston Partners raised its holdings in shares of Fortrea by 3.2% in the first quarter. Boston Partners now owns 3,938,584 shares of the company’s stock worth $157,075,000 after buying an additional 121,126 shares during the last quarter. Baupost Group LLC MA lifted its stake in shares of Fortrea by 933.7% during the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after buying an additional 2,836,563 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of Fortrea by 59.3% during the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock valued at $57,561,000 after buying an additional 918,240 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.