Fortrea (NASDAQ:FTRE) Shares Down 4.4% – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE) traded down 4.4% during trading on Thursday . The stock traded as low as $20.34 and last traded at $20.34. 32,285 shares changed hands during trading, a decline of 98% from the average session volume of 1,292,732 shares. The stock had previously closed at $21.28.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. The Goldman Sachs Group decreased their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Bank of America decreased their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. TD Cowen boosted their price objective 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 objective on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. Finally, Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $24.50.

Fortrea Stock Performance

The stock’s 50 day moving average price is $19.66 and its 200 day moving average price is $23.62. The company has a current ratio of 1.18, a quick ratio of 1.19 and a debt-to-equity ratio of 0.74. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -5.65, a P/E/G ratio of 3.21 and a beta of 0.70.

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

Institutional Trading of Fortrea

A number of hedge funds have recently made changes to their positions in the company. Starboard Value LP grew its position in shares of Fortrea by 5.0% during 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 in the last quarter. Sessa Capital IM L.P. grew its position in shares of Fortrea by 2.3% during the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after buying an additional 158,044 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Fortrea by 5,021,169.7% during the third 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 in the last quarter. FMR LLC grew its position in shares of Fortrea by 91.6% during the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after buying an additional 2,304,677 shares in the last quarter. Finally, Boston Partners grew its position in shares of Fortrea by 3.2% during 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 in the last quarter.

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.