Fortrea (NASDAQ:FTRE) Shares Gap Down – Should You Sell?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $21.95, but opened at $21.36. Fortrea shares last traded at $22.23, with a volume of 18,016 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. William Blair restated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Citigroup reduced their price objective on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Bank of America reduced their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Robert W. Baird upped their price objective on Fortrea from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday. Finally, Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and reduced their price objective for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus target price of $24.50.

Fortrea Price Performance

The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of -5.91, a price-to-earnings-growth ratio of 3.31 and a beta of 0.70. The company has a 50 day moving average of $19.68 and a 200 day moving average of $23.75. The company has a quick ratio of 1.19, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. As a group, equities research analysts forecast that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTRE. Sei Investments Co. increased its stake in Fortrea by 311.2% during the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after acquiring an additional 59,690 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Fortrea by 466.0% during the first quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock worth $3,309,000 after acquiring an additional 67,865 shares during the last quarter. ProShare Advisors LLC increased its stake in Fortrea by 6.9% during the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock worth $328,000 after acquiring an additional 524 shares during the last quarter. Councilmark Asset Management LLC acquired a new stake in Fortrea during the first quarter worth about $278,000. Finally, Viawealth LLC acquired a new stake in Fortrea during the first quarter worth about $227,000.

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.