Fortrea (NASDAQ:FTRE) Stock Price Down 10% – What’s Next?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price dropped 10% on Thursday . The stock traded as low as $9.47 and last traded at $9.4550. Approximately 194,676 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 1,509,060 shares. The stock had previously closed at $10.50.

Analysts Set New Price Targets

FTRE has been the topic of several research analyst reports. Truist Financial set a $22.00 price objective on Fortrea and gave the company a “buy” rating in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research note on Tuesday. Mizuho set a $15.00 price objective on Fortrea in a research note on Friday, January 9th. Robert W. Baird reduced their price objective on Fortrea from $19.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Finally, Evercore set a $25.00 price objective on Fortrea and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $16.05.

Fortrea Stock Performance

The company has a debt-to-equity ratio of 1.86, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $901.34 million, a price-to-earnings ratio of -0.88, a P/E/G ratio of 0.38 and a beta of 1.80. The company has a fifty day moving average of $9.84 and a two-hundred day moving average of $12.42.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.07). Fortrea had a negative net margin of 36.21% and a positive return on equity of 6.23%. The firm had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.22 million. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.61 EPS for the current year.

Insider Buying and Selling at Fortrea

In related news, CFO Jill G. Mcconnell sold 5,061 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total transaction of $45,903.27. Following the sale, the chief financial officer owned 69,796 shares of the company’s stock, valued at $633,049.72. This trade represents a 6.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 9,673 shares of company stock worth $92,242. Company insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FTRE. AQR Capital Management LLC lifted its holdings in Fortrea by 494.8% during the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after buying an additional 5,419,842 shares during the period. Park West Asset Management LLC acquired a new position in Fortrea during the 3rd quarter worth about $18,579,000. Iron Triangle Partners LP acquired a new position in Fortrea during the 4th quarter worth about $34,264,000. MetLife Investment Management LLC lifted its holdings in Fortrea by 2,328.5% during the 4th quarter. MetLife Investment Management LLC now owns 1,368,656 shares of the company’s stock worth $23,609,000 after buying an additional 1,312,297 shares during the period. Finally, Eagle Health Investments LP acquired a new position in Fortrea during the 3rd quarter worth about $8,325,000.

Fortrea Company Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.