Fortrea (NASDAQ:FTRE) Sets New 52-Week Low – Should You Sell?

Fortrea Holdings Inc. (NASDAQ:FTRE) reached a new 52-week low during trading on Monday . The company traded as low as $18.04 and last traded at $18.13, with a volume of 377053 shares. The stock had previously closed at $18.79.

Wall Street Analyst Weigh In

FTRE has been the topic of several analyst reports. TD Cowen lowered their price target on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 13th. The Goldman Sachs Group dropped their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Wednesday, September 11th. Barclays lowered their price objective on Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 13th. Finally, Robert W. Baird cut their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $23.70.

Fortrea Stock Up 2.6 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a market capitalization of $1.71 billion, a PE ratio of -13.43, a PEG ratio of 2.21 and a beta of 0.54. The company has a fifty day moving average price of $22.10 and a 200-day moving average price of $27.23.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. nVerses Capital LLC bought a new stake in shares of Fortrea in the 2nd quarter worth about $26,000. Gladius Capital Management LP bought a new stake in Fortrea in the second quarter worth about $30,000. Concord Wealth Partners boosted its position in shares of 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 buying an additional 521 shares during the period. Blue Trust Inc. grew its stake in shares of Fortrea by 2,515.8% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after buying an additional 1,434 shares during the last quarter. Finally, Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Fortrea in the fourth quarter worth approximately $40,000.

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.