Fortrea (NASDAQ:FTRE) Trading Down 4.3%

Shares of Fortrea Holdings Inc. (NASDAQ:FTREGet Free Report) traded down 4.3% during trading on Monday . The stock traded as low as $25.15 and last traded at $25.38. 646,626 shares were traded during trading, a decline of 40% from the average session volume of 1,082,222 shares. The stock had previously closed at $26.51.

Analysts Set New Price Targets

Several equities analysts recently issued reports on FTRE shares. Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 14th. The Goldman Sachs Group assumed coverage on Fortrea in a report on Thursday, June 6th. They issued a “neutral” rating and a $28.00 price target on the stock. TD Cowen assumed coverage on Fortrea in a research note on Wednesday, May 29th. They issued a “hold” rating and a $27.00 target price on the stock. Evercore ISI cut their target price on Fortrea from $43.00 to $31.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 14th. Finally, Mizuho assumed coverage on Fortrea in a research report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortrea currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.30.

View Our Latest Research Report on Fortrea

Fortrea Stock Performance

The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a 50-day moving average of $32.39 and a 200-day moving average of $33.59. The firm has a market cap of $2.22 billion and a price-to-earnings ratio of -18.35.

Fortrea (NASDAQ:FTREGet Free Report) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. The company had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The business’s revenue for the quarter was down 4.6% compared to the same quarter last year. As a group, analysts anticipate that Fortrea Holdings Inc. will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling at Fortrea

In other Fortrea news, General Counsel James S. Hanson bought 2,000 shares of Fortrea stock in a transaction dated Wednesday, June 12th. The stock was bought at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the purchase, the general counsel now owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fortrea news, General Counsel James S. Hanson bought 2,000 shares of Fortrea stock in a transaction dated Wednesday, June 12th. The stock was bought at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the purchase, the general counsel now owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Pike bought 10,000 shares of Fortrea stock in a transaction dated Wednesday, May 29th. The shares were acquired at an average price of $24.81 per share, with a total value of $248,100.00. Following the completion of the purchase, the chief executive officer now directly owns 57,827 shares in the company, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. Corporate insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

Hedge funds have recently added to or reduced their stakes in the company. Cohen Capital Management Inc. acquired a new stake in Fortrea during the 4th quarter worth approximately $1,873,000. New York State Teachers Retirement System acquired a new position in Fortrea in the 4th quarter valued at $3,913,000. Amalgamated Bank acquired a new position in Fortrea in the 4th quarter valued at $1,320,000. Mutual of America Capital Management LLC acquired a new position in Fortrea in the 4th quarter valued at $9,739,000. Finally, 13D Management LLC acquired a new position in Fortrea in the 4th quarter valued at $4,568,000.

Fortrea Company Profile

(Get Free Report)

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.

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