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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) gapped down prior to trading on Friday . The stock had previously closed at $5.95, but opened at $5.74. Fortrea shares last traded at $5.96, with a volume of 561 shares changing hands.

Analysts Set New Price Targets

FTRE has been the subject of a number of analyst reports. Mizuho reduced their price target on Fortrea from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Evercore ISI lowered their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on shares of Fortrea in a research note on Tuesday, March 4th. Finally, Barclays reiterated an “underweight” rating and set a $6.00 price objective (down from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. Two research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. Based on data from MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus target price of $15.82.

Fortrea Stock Up 3.2 %

The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market cap of $555.92 million, a price-to-earnings ratio of -1.80, a price-to-earnings-growth ratio of 1.78 and a beta of 2.15. The firm has a 50 day moving average price of $7.22 and a 200-day moving average price of $14.34.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter in the prior year, the business earned $0.19 earnings per share. As a group, equities analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several hedge funds have recently bought and sold shares of FTRE. FMR LLC lifted its holdings in shares of Fortrea by 67.7% during the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock valued at $150,819,000 after purchasing an additional 3,265,402 shares in the last quarter. Corvex Management LP grew its stake in Fortrea by 56.7% in the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock valued at $64,919,000 after purchasing an additional 1,260,156 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Fortrea during the first quarter worth $9,232,000. Deutsche Bank AG increased its stake in shares of Fortrea by 17,183.6% during the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company’s stock worth $8,796,000 after purchasing an additional 1,158,345 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Fortrea during the fourth quarter worth approximately $7,787,000.

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.