Fortrea (NASDAQ:FTRE) Reaches New 1-Year Low - Here's What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report)'s share price hit a new 52-week low on Monday . The stock traded as low as $6.00 and last traded at $6.22, with a volume of 258 shares changing hands. The stock had previously closed at $6.46.

Analysts Set New Price Targets

FTRE has been the subject of a number of analyst reports. Barclays reissued an "underweight" rating and issued a $6.00 price target (down previously from $12.00) on shares of Fortrea in a research note on Thursday. Robert W. Baird set a $12.00 price objective on shares of Fortrea in a report on Tuesday, March 4th. The Goldman Sachs Group lowered their target price on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research note on Tuesday, March 4th. Finally, Mizuho dropped their target price on Fortrea from $12.00 to $10.00 and set a "neutral" rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $16.70.

Fortrea Price Performance

The stock has a fifty day moving average of $10.77 and a two-hundred day moving average of $16.20. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $467.24 million, a price-to-earnings ratio of -1.51, a PEG ratio of 1.78 and a beta of 2.10.

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

Insider Activity

In related news, CEO Thomas Pike sold 11,268 shares of the firm's 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 transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 13,029 shares of company stock valued at $226,168 over the last three months. 0.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in shares of Fortrea by 6,216.1% in the 1st quarter. GAMMA Investing LLC now owns 59,245 shares of the company's stock valued at $447,000 after purchasing an additional 58,307 shares during the period. GF Fund Management CO. LTD. bought a new stake in Fortrea in the fourth quarter valued at about $35,000. PharVision Advisers LLC acquired a new position in Fortrea in the fourth quarter valued at about $345,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Fortrea by 2.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,034 shares of the company's stock worth $4,756,000 after buying an additional 5,691 shares during the last quarter. Finally, Two Sigma Advisers LP acquired a new position in shares of Fortrea during the 4th quarter worth about $388,000.

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.