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

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price rose 6.4% on Monday . The stock traded as high as $5.73 and last traded at $5.62. Approximately 179,398 shares were traded during trading, a decline of 90% from the average daily volume of 1,825,938 shares. The stock had previously closed at $5.28.

Analyst Upgrades and Downgrades

FTRE has been the topic of several recent research reports. Cowen reaffirmed a “hold” rating on shares of Fortrea in a research note on Wednesday, May 14th. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a research note on Tuesday, March 4th. Truist Financial initiated coverage on shares of Fortrea in a report on Friday, May 2nd. They set a “hold” rating and a $7.00 target price for the company. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Finally, Evercore ISI decreased their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $15.00.

Fortrea Price Performance

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 company has a 50 day simple moving average of $5.33 and a 200 day simple moving average of $12.31. The stock has a market cap of $513.59 million, a P/E ratio of -1.65, a PEG ratio of 1.78 and a beta of 1.59.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $651.30 million for the quarter, compared to analyst estimates of $609.63 million. Sell-side analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTRE. Millennium Management LLC increased its position in shares of Fortrea by 1,625.8% in the first quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock valued at $26,419,000 after acquiring an additional 3,296,461 shares during the last quarter. FMR LLC boosted its position in Fortrea by 67.7% during the fourth 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 during 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 shares of Fortrea during the 1st quarter worth approximately $9,232,000. Finally, Deutsche Bank AG increased its position 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.

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.