Fortrea (NASDAQ:FTRE) Shares Gap Down to $37.41

Fortrea Holdings Inc. (NASDAQ:FTRE)’s share price gapped down before the market opened on Monday . The stock had previously closed at $37.41, but opened at $35.17. Fortrea shares last traded at $36.31, with a volume of 414,663 shares.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FTRE shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Fortrea in a report on Wednesday, March 6th. They set a “hold” rating and a $36.00 target price on the stock. Barclays dropped their target price on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, January 25th. Finally, Robert W. Baird began coverage on shares of Fortrea in a research note on Friday, March 22nd. They issued a “neutral” rating and a $43.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $37.29.

Fortrea Trading Down 2.9 %

The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.90. The stock’s 50 day moving average is $38.01 and its 200 day moving average is $33.96.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, March 11th. The company reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). The firm had revenue of $775.40 million during the quarter, compared to the consensus estimate of $779.09 million. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. Equities analysts expect that Fortrea Holdings Inc. will post 1.06 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FTRE. Whittier Trust Co. of Nevada Inc. acquired a new position in Fortrea in the fourth quarter valued at about $25,000. Whittier Trust Co. acquired a new stake in shares of Fortrea in the 4th quarter valued at $25,000. ZRC Wealth Management LLC bought a new position in shares of Fortrea in the 4th quarter valued at $27,000. Allworth Financial LP acquired a new stake in shares of Fortrea in the 4th quarter valued at approximately $28,000. Finally, Glassman Wealth Services bought a new stake in shares of Fortrea during the fourth quarter worth $28,000.

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.