Fortrea (NASDAQ:FTRE) Stock Price Down 5.2% - What's Next?

Key Points

• Fortrea Holdings Inc. (NASDAQ:FTRE) shares fell 5.2% during mid-day trading, reaching a low of $10.06, with a significantly reduced trading volume of 524,576 shares compared to the average of 2,282,053 shares.
• Despite the recent decline, several analysts maintain a consensus rating of "Hold" on Fortrea, with a target price averaging $11.50; ratings include one Strong Buy and one Buy among various Hold and Sell ratings.
• In insider transactions, Director Erin L. Russell purchased 9,854 shares at $10.15 each, increasing their stake, while AQR Capital Management LLC significantly raised its ownership by 494.8% during the second quarter.

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report)'s share price was down 5.2% during mid-day trading on Friday . The stock traded as low as $10.06 and last traded at $10.10. Approximately 524,576 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 2,282,053 shares. The stock had previously closed at $10.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on FTRE shares. Evercore ISI increased their price target on Fortrea from $5.00 to $7.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. Citigroup reaffirmed a "neutral" rating on shares of Fortrea in a research report on Thursday, May 22nd. Barclays reaffirmed an "underweight" rating and set a $6.00 price objective (up from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Mizuho reduced their price objective on Fortrea from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Finally, Jefferies Financial Group upped their price objective on Fortrea from $7.00 to $9.50 and gave the stock a "hold" rating in a research report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $11.50.

Fortrea Stock Down 5.1%

The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The firm has a 50 day simple moving average of $7.83 and a 200-day simple moving average of $6.77. The stock has a market cap of $917.99 million, a P/E ratio of -0.88 and a beta of 1.91.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.13. The company had revenue of $710.30 million for the quarter, compared to analyst estimates of $631.61 million. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. On average, equities research analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Transactions at Fortrea

In other news, Director Erin L. Russell bought 9,854 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were bought at an average price of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the purchase, the director owned 9,854 shares in the company, valued at approximately $100,018.10. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Peter M. Neupert bought 32,500 shares of the stock in a transaction dated Monday, August 11th. The shares were purchased at an average price of $6.26 per share, for a total transaction of $203,450.00. Following the purchase, the director owned 98,132 shares of the company's stock, valued at $614,306.32. This trade represents a 49.52% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. 0.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

A number of hedge funds have recently added to or reduced their stakes in FTRE. AQR Capital Management LLC increased its stake 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 acquiring an additional 5,419,842 shares during the period. Millennium Management LLC increased its stake in Fortrea by 1,625.8% during the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company's stock worth $26,419,000 after acquiring an additional 3,296,461 shares during the period. Assenagon Asset Management S.A. bought a new position in Fortrea during the 1st quarter worth $9,232,000. Deutsche Bank AG increased its stake in Fortrea by 17,183.6% during the 1st quarter. Deutsche Bank AG now owns 1,165,086 shares of the company's stock worth $8,796,000 after acquiring an additional 1,158,345 shares during the period. Finally, Bank of Nova Scotia bought a new position in Fortrea during the 2nd quarter worth $5,087,000.

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.

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