Fortrea (NASDAQ:FTRE) Trading Down 4.2% – Time to Sell?

Fortrea Holdings Inc. (NASDAQ:FTRE) fell 4.2% during trading on Wednesday . The stock traded as low as $9.30 and last traded at $9.24. 469,975 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 1,389,724 shares. The stock had previously closed at $9.64.

Wall Street Analyst Weigh In

Several research firms have commented on FTRE. The Goldman Sachs Group cut their target price on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on Fortrea in a research report on Tuesday, March 4th. Barclays lowered their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, Evercore ISI lowered their price target 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. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $19.00.

Fortrea Price Performance

The company has a 50 day moving average of $14.51 and a 200-day moving average of $18.01. The firm has a market capitalization of $791.05 million, a P/E ratio of -2.56, a P/E/G ratio of 1.78 and a beta of 1.34. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last released 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 firm had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter last year, the firm earned $0.19 earnings per share. On average, sell-side analysts predict that Fortrea Holdings Inc. will post 0.51 EPS for the current year.

Insider Buying and Selling

In other news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 13,029 shares of company stock worth $226,168 in the last ninety days. 0.12% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortrea

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Fortrea in the fourth quarter valued at about $30,000. GF Fund Management CO. LTD. acquired a new stake in shares of Fortrea in the fourth quarter valued at about $35,000. Covestor Ltd increased its stake in shares of Fortrea by 57.7% in the fourth quarter. Covestor Ltd now owns 4,356 shares of the company’s stock valued at $81,000 after buying an additional 1,593 shares during the period. Quarry LP increased its stake in shares of Fortrea by 1,218.7% in the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $81,000 after buying an additional 4,034 shares during the period. Finally, Cullen Frost Bankers Inc. increased its stake in shares of Fortrea by 31.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after buying an additional 1,361 shares during the period.

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.