Fortrea (NASDAQ:FTRE) hits new 1-year low on weak earnings

Fortrea Holdings Inc share price (NASDAQ:FTRE – Get Free Report ) hit a new 52-week low on Monday after a weaker-than-expected earnings announcement. The company traded as high as $20.33 and last traded at $20.67 with a volume of 1004046 shares. Shares previously closed at $25.16.

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 positive return on equity of 4.76% and a negative net margin of 4.11%. 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 quarterly revenue was down 8.6% compared to the same quarter last year.

Analyst upgrades and downgrades

A number of brokerages have recently issued reports on FTRE. TD Cowen decreased their price objective on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday. Citigroup cut their price target on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday. Goldman Sachs Group began coverage on shares of Fortrea in a research note on Thursday, June 6th. They set a “neutral” rating and a $28.00 price target for the company. Evercore ISI lowered shares of Fortrea from an “outperform” rating to an “in-line” rating and cut their price target for the stock from $31.00 to $27.00 in a research note on Thursday. August 8. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research note on Monday. One analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $27.70, according to MarketBeat.

Check out the latest stock analysis on Fortrea

Insider buying and selling at Fortrea

In related news, CEO Thomas Pike acquired 10,000 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was bought at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this hyperlink. In other Fortrea news, General Counsel James S. Hanson bought 2,000 shares of the stock in a transaction dated Wednesday, June 12th. The shares were acquired at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the transaction, the general counsel now owns 7,475 shares in the company, valued at approximately $189,117.50. The transaction was disclosed in a filing with the SEC, which can be accessed via this hyperlink. Also, CEO Thomas Pike bought 10,000 shares of the stock in a transaction dated Wednesday, May 29th. The stock was purchased at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the transaction, the chief executive officer now owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. Disclosure for this purchase can be found here. 0.12% of shares are currently owned by insiders.

Hedge funds affect Fortrea

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. acquired a new position in Fortrea in the 4th quarter valued at $347,110,000. Boston Partners grew its position in Fortrea by 3.2% in the first quarter. Boston Partners now owns 3,938,584 shares of the company’s stock valued at $157,075,000 after buying an additional 121,126 shares in the last quarter. Baupost Group LLC MA grew its position in Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after buying an additional 2,836,563 shares shares in the last quarter. Victory Capital Management Inc. grew its position in Fortrea by 59.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock valued at $57,561,000 after purchasing an additional 918,240 shares in the last quarter. Finally, Gates Capital Management Inc. acquired a new stake in Fortrea in the fourth quarter valued at $67,859,000.

Fortrea Trading Up 10.9%

The company has a quick ratio of 1.47, a current ratio of 1.47, and a debt-to-equity ratio of 0.98. The company has a fifty day simple moving average of $24.94 and a 200 day simple moving average of $31.24. The company has a market cap of $1.99 billion and a price-to-earnings ratio of -15.99.

Fortrea Company Profile

(Get a free report)

Fortrea Holdings Inc, a contract research organization, is primarily engaged in the provision of biopharmaceutical and medical device development services worldwide. The Company operates through two segments: Clinical Services and Activation Services. The Clinical Services segment offers clinical pharmacology and clinical development.

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