Fortrea (NASDAQ:FTRE) Sets New 52-Week Low – Time to Sell?

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $14.14 and last traded at $14.10, with a volume of 580832 shares changing hands. The stock had previously closed at $15.08.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Robert W. Baird downgraded shares of Fortrea from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $28.00 to $25.00 in a research report on Friday, December 6th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. TD Cowen boosted their target price on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Barclays raised their price target on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, Fortrea has a consensus rating of “Hold” and an average target price of $23.30.

Fortrea Stock Performance

The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -4.11, a P/E/G ratio of 1.78 and a beta of 1.21. The company’s fifty day simple moving average is $17.18 and its two-hundred day simple moving average is $19.30. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Insider Activity at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 12,386 shares of company stock valued at $219,751. Company insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

Several large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC increased its stake in shares of Fortrea by 26.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock valued at $182,000 after buying an additional 1,917 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Fortrea by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in Fortrea by 64.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 17,233 shares of the company’s stock worth $345,000 after purchasing an additional 6,729 shares in the last quarter. US Bancorp DE lifted its position in shares of Fortrea by 97.5% in the 3rd quarter. US Bancorp DE now owns 12,960 shares of the company’s stock worth $259,000 after purchasing an additional 6,398 shares during the period. Finally, Cohen Capital Management Inc. boosted its stake in shares of Fortrea by 40.4% during the 3rd quarter. Cohen Capital Management Inc. now owns 146,706 shares of the company’s stock valued at $2,934,000 after purchasing an additional 42,187 shares in the last quarter.

About Fortrea

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.