Fortrea (NASDAQ:FTRE) Stock Price Down 3.9% – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE) traded down 3.9% during mid-day trading on Monday . The stock traded as low as $5.63 and last traded at $5.68. 350,400 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 1,863,620 shares. The stock had previously closed at $5.91.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FTRE shares. William Blair restated a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on Fortrea in a report on Tuesday, March 4th. Cowen restated a “hold” rating on shares of Fortrea in a research note on Wednesday, May 14th. Mizuho reduced their target price on shares of Fortrea from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Wednesday, May 14th. Finally, Truist Financial assumed coverage on shares of Fortrea in a research report on Friday, May 2nd. They set a “hold” rating and a $7.00 price target on the stock. Two analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.00.

Fortrea Price Performance

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 firm has a market capitalization of $524.00 million, a PE ratio of -1.69, a price-to-earnings-growth ratio of 1.78 and a beta of 1.59. The business’s 50 day moving average is $5.25 and its two-hundred day moving average is $11.78.

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

Institutional Investors Weigh In On Fortrea

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its stake in Fortrea by 21.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,073 shares of the company’s stock valued at $207,000 after acquiring an additional 1,986 shares during the last quarter. Rhumbline Advisers increased its position in shares of Fortrea by 1.8% during the 4th quarter. Rhumbline Advisers now owns 234,539 shares of the company’s stock valued at $4,374,000 after purchasing an additional 4,064 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Fortrea by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 434,953 shares of the company’s stock valued at $8,112,000 after buying an additional 13,026 shares in the last quarter. Peregrine Capital Management LLC purchased a new position in shares of Fortrea during the 4th quarter valued at about $5,627,000. Finally, Hahn Capital Management LLC lifted its position in Fortrea by 47.6% in the 4th quarter. Hahn Capital Management LLC now owns 38,720 shares of the company’s stock worth $722,000 after buying an additional 12,495 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.