Fortrea (NASDAQ:FTRE) Shares Down 5.7% – Should You Sell?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price traded down 5.7% during trading on Thursday . The company traded as low as $13.06 and last traded at $13.7470. 456,154 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,057,689 shares. The stock had previously closed at $14.58.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FTRE. Zacks Research cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Mizuho set a $11.00 price target on Fortrea in a research note on Friday, November 7th. Citigroup reiterated a “neutral” rating on shares of Fortrea in a research report on Tuesday, October 7th. Barclays boosted their target price on Fortrea from $8.00 to $10.00 and gave the stock an “underweight” rating in a research report on Thursday, November 6th. Finally, Evercore ISI set a $14.00 price target on shares of Fortrea in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Fortrea currently has an average rating of “Hold” and an average price target of $11.69.

Fortrea Price Performance

The firm has a fifty day moving average of $10.57 and a two-hundred day moving average of $8.06. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $1.32 billion, a PE ratio of -1.27, a PEG ratio of 0.60 and a beta of 1.76.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.04). Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. The company had revenue of $701.30 million during the quarter, compared to the consensus estimate of $643.43 million. Research analysts anticipate that Fortrea Holdings Inc. will post 0.51 EPS for the current fiscal year.

Insider Activity at Fortrea

In other news, CFO Jill G. Mcconnell sold 3,156 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the sale, the chief financial officer directly owned 58,770 shares in the company, valued at approximately $601,217.10. This represents a 5.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 5,425 shares of company stock worth $55,498 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FTRE. Allworth Financial LP raised its holdings in shares of Fortrea by 19.6% during the third quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock valued at $57,000 after acquiring an additional 1,109 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in shares of Fortrea during the third quarter valued at $187,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Fortrea in the 3rd quarter worth about $906,000. PharVision Advisers LLC bought a new position in Fortrea in the 3rd quarter worth about $141,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Fortrea during the 3rd quarter valued at about $4,210,000.

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.