Fortrea (NASDAQ:FTRE) Stock Price Down 10% – Here’s Why

Fortrea Holdings Inc. (NASDAQ:FTRE) shares traded down 10% during trading on Thursday . The stock traded as low as $9.47 and last traded at $9.4550. 194,676 shares were traded during trading, a decline of 87% from the average session volume of 1,509,060 shares. The stock had previously closed at $10.50.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Truist Financial set a $22.00 target price on Fortrea and gave the stock a “buy” rating in a report on Thursday, January 8th. Robert W. Baird dropped their price objective on Fortrea from $19.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 27th. Barclays dropped their price objective on Fortrea from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 14th. Evercore set a $25.00 price objective on Fortrea and gave the company an “outperform” rating in a research note on Tuesday, January 6th. Finally, TD Cowen raised Fortrea from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Monday, March 9th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.05.

Fortrea Price Performance

The firm has a market capitalization of $901.34 million, a P/E ratio of -0.88, a price-to-earnings-growth ratio of 0.38 and a beta of 1.80. The business has a 50-day moving average of $9.84 and a 200 day moving average of $12.42. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.86.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Thursday, February 26th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.07). Fortrea had a negative net margin of 36.21% and a positive return on equity of 6.23%. The firm had revenue of $660.50 million during the quarter, compared to the consensus estimate of $665.22 million. On average, sell-side analysts predict that Fortrea Holdings Inc. will post 0.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Jill G. Mcconnell sold 5,061 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $9.07, for a total value of $45,903.27. Following the completion of the sale, the chief financial officer directly owned 69,796 shares of the company’s stock, valued at $633,049.72. The trade was a 6.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders sold 9,673 shares of company stock valued at $92,242. Insiders own 0.38% of the company’s stock.

Institutional Trading of Fortrea

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC increased its position in Fortrea by 1.7% in the 4th quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company’s stock valued at $632,000 after buying an additional 627 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in Fortrea by 3.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company’s stock worth $365,000 after purchasing an additional 700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Fortrea by 27.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company’s stock worth $77,000 after purchasing an additional 980 shares in the last quarter. Amalgamated Bank increased its holdings in Fortrea by 4.0% during the 3rd quarter. Amalgamated Bank now owns 26,688 shares of the company’s stock worth $225,000 after purchasing an additional 1,026 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in Fortrea by 136.7% during the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company’s stock worth $32,000 after purchasing an additional 1,072 shares in the last quarter.

About Fortrea

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.