Fortrea (NASDAQ:FTRE) Shares Gap Down to $37.41

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $37.41, but opened at $35.17. Fortrea shares last traded at $36.31, with a volume of 414,663 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Barclays cut their price objective on Fortrea from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, January 25th. Deutsche Bank Aktiengesellschaft assumed coverage on Fortrea in a research report on Wednesday, March 6th. They set a "hold" rating and a $36.00 price objective for the company. Finally, Robert W. Baird assumed coverage on Fortrea in a research report on Friday, March 22nd. They set a "neutral" rating and a $43.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $37.29.

Fortrea Stock Down 2.9 %

The firm has a fifty day simple moving average of $38.01 and a 200 day simple moving average of $34.01. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.90.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Monday, March 11th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.04). The business had revenue of $775.40 million during the quarter, compared to analysts' expectations of $779.09 million. The firm's revenue was up 1.8% on a year-over-year basis. As a group, analysts expect that Fortrea Holdings Inc. will post 1.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortrea

Hedge funds have recently modified their holdings of the stock. Whittier Trust Co. acquired a new position in shares of Fortrea in the 4th quarter worth approximately $25,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Fortrea in the 4th quarter worth approximately $25,000. ZRC Wealth Management LLC acquired a new position in shares of Fortrea in the 4th quarter worth approximately $27,000. Glassman Wealth Services acquired a new position in shares of Fortrea in the 4th quarter worth approximately $28,000. Finally, Allworth Financial LP acquired a new position in shares of Fortrea in the 4th quarter worth approximately $28,000.

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.