Fortrea (NASDAQ:FTRE) Shares Down 4.6% – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE) traded down 4.6% during trading on Monday . The stock traded as low as $8.55 and last traded at $9.0150. 454,469 shares were traded during mid-day trading, a decline of 72% from the average session volume of 1,631,771 shares. The stock had previously closed at $9.45.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Mizuho set a $15.00 price objective on shares of Fortrea in a report on Friday, January 9th. Evercore set a $25.00 price objective on shares of Fortrea and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Truist Financial set a $22.00 price target on Fortrea and gave the company a “buy” rating in a report on Thursday, January 8th. Citigroup upgraded shares of Fortrea from a “neutral” rating to a “buy” rating and upped their price objective for the company from $12.00 to $21.00 in a research note on Thursday, December 11th. Finally, Barclays cut their price target on Fortrea from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $16.15.

Fortrea Trading Down 3.9%

The company’s fifty day moving average is $11.34 and its 200-day moving average is $12.40. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.86. The firm has a market capitalization of $849.45 million, a P/E ratio of -0.83, a P/E/G ratio of 0.34 and a beta of 1.80.

Fortrea (NASDAQ:FTRE) last released its earnings results on Thursday, February 26th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.07). The firm had revenue of $660.50 million for the quarter, compared to analyst estimates of $665.22 million. Fortrea had a positive return on equity of 6.23% and a negative net margin of 36.21%. As a group, sell-side analysts anticipate that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortrea

In related news, CFO Jill G. Mcconnell sold 5,061 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total transaction of $45,903.27. Following the completion of the sale, the chief financial officer owned 69,796 shares in the company, valued at $633,049.72. This represents a 6.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 9,673 shares of company stock worth $92,242. 0.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fortrea

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its stake in shares of Fortrea by 214.3% in the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $28,000 after acquiring an additional 2,278 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Fortrea by 136.7% in the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock valued at $32,000 after purchasing an additional 1,072 shares during the period. Osaic Holdings Inc. grew its position in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after purchasing an additional 2,918 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Fortrea by 137.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after purchasing an additional 5,036 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Fortrea by 88.2% during the 3rd quarter. GAMMA Investing LLC now owns 6,043 shares of the company’s stock worth $51,000 after purchasing an additional 2,832 shares during the period.

Fortrea Company Profile

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.