Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report)’s stock price reached a new 52-week low on Friday . The company traded as low as $22.95 and last traded at $23.45, with a volume of 313616 shares changing hands. The stock had previously closed at $23.93.
Analysts Set New Price Targets
Several equities analysts recently issued reports on FTRE shares. Robert W. Baird raised shares of Fortrea from a “neutral” rating to an “outperform” rating and reduced their price objective for the company from $45.00 to $36.00 in a research note on Tuesday, May 14th. TD Cowen assumed coverage on Fortrea in a report on Wednesday, May 29th. They set a “hold” rating and a $27.00 price objective on the stock. Bank of America lowered their price objective on Fortrea from $33.00 to $27.00 and set an “underperform” rating for the company in a research report on Tuesday, May 14th. Evercore ISI reduced their target price on Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 14th. Finally, Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.30.
Fortrea Stock Performance
The stock’s 50-day moving average is $30.28 and its 200-day moving average is $33.22. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98. The stock has a market cap of $2.07 billion and a price-to-earnings ratio of -17.07.
Fortrea (NASDAQ:FTRE – Get Free Report) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. The business had revenue of $662.10 million during the quarter, compared to analyst estimates of $754.58 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. Fortrea’s quarterly revenue was down 4.6% compared to the same quarter last year. On average, analysts expect that Fortrea Holdings Inc. will post 0.75 EPS for the current year.
Insiders Place Their Bets
In related news, CEO Thomas Pike bought 10,000 shares of the stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the purchase, the chief executive officer now owns 57,827 shares in the company, valued at $1,434,687.87. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Thomas Pike bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the purchase, the chief executive officer now owns 57,827 shares of the company’s stock, valued at $1,434,687.87. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel James S. Hanson purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the acquisition, the general counsel now owns 7,475 shares in the company, valued at approximately $189,117.50. The disclosure for this purchase can be found here. 0.12% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the business. Banyan Capital Management Inc. bought a new stake in shares of Fortrea in the fourth quarter worth $816,000. Daymark Wealth Partners LLC acquired a new stake in shares of Fortrea in the 4th quarter valued at about $254,000. Nordea Investment Management AB bought a new position in shares of Fortrea during the fourth quarter worth about $747,000. Raymond James Trust N.A. bought a new position in shares of Fortrea during the fourth quarter worth about $363,000. Finally, FORVIS Wealth Advisors LLC acquired a new position in Fortrea in the fourth quarter worth about $244,000.
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.