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

Fortrea Holdings Inc. (NASDAQ:FTRE) 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 traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays cut their price target on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, January 25th. 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. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Fortrea in a research report on Wednesday, March 6th. They set a “hold” rating and a $36.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued 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 Stock Performance

The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.62 and a current ratio of 1.62. The business has a 50 day moving average of $37.99 and a two-hundred day moving average of $34.06.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 11th. The company reported $0.19 earnings per share (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 the consensus estimate of $779.09 million. The company’s revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts forecast that Fortrea Holdings Inc. will post 1.06 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

A number of hedge funds have recently added to or reduced their stakes in FTRE. Vanguard Group Inc. bought a new stake in Fortrea in the 4th quarter worth about $347,110,000. Boston Partners bought a new position in shares of Fortrea in the fourth quarter valued at approximately $132,741,000. Gates Capital Management Inc. bought a new stake in Fortrea during the fourth quarter worth $67,859,000. Brandes Investment Partners LP bought a new position in Fortrea in the 4th quarter valued at $59,056,000. Finally, Nordea Investment Management AB increased its position in shares of Fortrea by 4,500.5% during the 1st quarter. Nordea Investment Management AB now owns 982,215 shares of the company’s stock valued at $39,259,000 after purchasing an additional 960,865 shares during the last quarter.

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.