Fortrea (NASDAQ:FTRE) Shares Down 5.3% – Time to Sell?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price traded down 5.3% during trading on Tuesday . The company traded as low as $9.09 and last traded at $8.90. 51,854 shares traded hands during trading, a decline of 96% from the average session volume of 1,442,169 shares. The stock had previously closed at $9.40.

Analyst Ratings Changes

FTRE has been the subject of several recent analyst reports. The Goldman Sachs Group dropped their price objective on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on shares of Fortrea in a report on Tuesday, March 4th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. Barclays dropped their price objective on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Finally, Evercore ISI decreased their target price on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.00.

Fortrea Stock Down 7.0 %

The stock’s 50-day simple moving average is $14.14 and its 200 day simple moving average is $17.78. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market cap of $788.80 million, a P/E ratio of -2.56, a PEG ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the prior year, the business earned $0.19 EPS. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 13,029 shares of company stock valued at $226,168 over the last ninety days. 0.12% of the stock is owned by corporate insiders.

Institutional Trading of Fortrea

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commerce Bank raised its position in shares of Fortrea by 75.1% during the third quarter. Commerce Bank now owns 24,962 shares of the company’s stock worth $499,000 after purchasing an additional 10,705 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Fortrea by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company’s stock worth $11,809,000 after buying an additional 29,285 shares during the last quarter. FMR LLC lifted its stake in shares of Fortrea by 91.6% in the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after buying an additional 2,304,677 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Fortrea by 192.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company’s stock valued at $9,458,000 after buying an additional 311,018 shares during the last quarter. Finally, BBR Partners LLC increased its position in shares of Fortrea by 168.3% during the third quarter. BBR Partners LLC now owns 31,883 shares of the company’s stock worth $638,000 after acquiring an additional 20,000 shares in 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.