Fortrea (NASDAQ:FTRE) Shares Down 5% – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price fell 5% during mid-day trading on Monday . The stock traded as low as $15.53 and last traded at $15.97. 837,173 shares traded hands during trading, a decline of 19% from the average session volume of 1,037,656 shares. The stock had previously closed at $16.81.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Evercore ISI reduced their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. 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 note on Monday, November 11th. The Goldman Sachs Group cut their price target 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. Finally, Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and cut their price target for the company from $28.00 to $25.00 in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat.com, Fortrea presently has an average rating of “Hold” and a consensus target price of $23.30.

Fortrea Stock Down 6.8 %

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 company has a market cap of $1.41 billion, a price-to-earnings ratio of -4.58, a price-to-earnings-growth ratio of 1.92 and a beta of 1.21. The stock’s fifty day moving average is $19.31 and its two-hundred day moving average is $20.66.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. During the same quarter in the prior year, the company earned $0.24 EPS. The company’s revenue was down 5.4% on a year-over-year basis. Sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortrea

Several large investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Fortrea by 21.4% during the 3rd 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. Janus Henderson Group PLC increased its stake in shares of Fortrea by 2.0% during the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after purchasing an additional 792 shares during the last quarter. Willis Investment Counsel increased its stake in shares of Fortrea by 0.6% during the 4th quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock worth $3,459,000 after purchasing an additional 1,138 shares during the last quarter. Financial Counselors Inc. increased its stake in shares of Fortrea by 1.4% during the 3rd quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock worth $1,955,000 after purchasing an additional 1,395 shares during the last quarter. Finally, Covestor Ltd increased its stake in shares of Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after purchasing an additional 1,398 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.