Fortrea (NASDAQ:FTRE) Shares Gap Down to $22.21

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) gapped down before the market opened on Wednesday . The stock had previously closed at $22.21, but opened at $21.47. Fortrea shares last traded at $20.07, with a volume of 1,133,245 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FTRE. Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and cut their price objective for the company from $25.00 to $21.00 in a research report on Wednesday. Robert W. Baird cut their price target on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Mizuho initiated coverage on shares of Fortrea in a report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 price objective for the company. TD Cowen dropped their target price on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortrea currently has an average rating of “Hold” and an average target price of $24.90.

Fortrea Price Performance

The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. The firm’s 50-day moving average price is $23.55 and its two-hundred day moving average price is $28.62. The stock has a market cap of $1.81 billion, a PE ratio of -14.62, a PEG ratio of 2.21 and a beta of 0.56.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter in the prior year, the company earned $0.52 EPS. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. On average, equities analysts expect that Fortrea Holdings Inc. will post 0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Institutional investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC bought a new position in Fortrea in the second quarter worth about $26,000. Gladius Capital Management LP bought a new position in shares of Fortrea during the 2nd quarter worth approximately $30,000. Concord Wealth Partners lifted its position in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after acquiring an additional 521 shares during the last quarter. Blue Trust Inc. boosted its stake in Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares in the last quarter. Finally, Parallel Advisors LLC purchased a new position in Fortrea in the fourth quarter worth $36,000.

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.