Fortrea (NASDAQ:FTRE) Shares Gap Down to $33.03

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $33.03, but opened at $28.85. Fortrea shares last traded at $28.23, with a volume of 2,381,531 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FTRE shares. Robert W. Baird started coverage on Fortrea in a research note on Friday, March 22nd. They issued a "neutral" rating and a $43.00 target price on the stock. Deutsche Bank Aktiengesellschaft started coverage on Fortrea in a research note on Wednesday, March 6th. They issued a "hold" rating and a $36.00 target price on the stock. Finally, Barclays cut their target price on Fortrea from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $37.29.

Fortrea Price Performance

The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.90. The firm has a fifty day simple moving average of $37.65 and a two-hundred day simple moving average of $34.21.

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

Institutional Investors Weigh In On Fortrea

Institutional investors and hedge funds have recently modified their holdings of the company. UniSuper Management Pty Ltd acquired a new position in Fortrea in the first quarter valued at approximately $707,000. O Shaughnessy Asset Management LLC acquired a new position in Fortrea in the first quarter valued at approximately $496,000. Covestor Ltd lifted its holdings in Fortrea by 420.8% in the first quarter. Covestor Ltd now owns 2,083 shares of the company's stock valued at $84,000 after acquiring an additional 1,683 shares during the period. Viawealth LLC acquired a new position in Fortrea in the first quarter valued at approximately $227,000. Finally, Councilmark Asset Management LLC acquired a new position in Fortrea in the first quarter valued at approximately $278,000.

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.