Fortrea Holdings Inc (NASDAQ:FTRE) price on Friday, January 17, fall -0.67% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $17.69.
A look at the stock’s price movement, the close in the last trading session was $17.81, moving within a range at $17.49 and $18.14. Turning to its 52-week performance, $41.02 and $16.53 were the 52-week high and 52-week low respectively. Overall, FTRE moved -12.90% over the past month.
Fortrea Holdings Inc’s market cap currently stands at around $1.59 billion, with investors looking forward to this quarter’s earnings report slated for in February.
Analysts have a consensus estimate of 703.22M for the company’s revenue for the quarter, with a low and high estimate of 700.3M and 713.17M respectively. The average forecast suggests down to a -9.31% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 2.7B, representing a -13.07% decline on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that FTRE is a 100% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.
7 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 3 analyst(s) rate the stock as a Hold, 4 recommend FTRE as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
FTRE’s current price about -4.92% and -10.68% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 39.63, while 7-day volatility ratio is 5.61% and 5.47% in the 30-day chart. Further, Fortrea Holdings Inc (FTRE) has a beta value of 1.22, and an average true range (ATR) of 1.08. Analysts have given the company’s stock an average 52-week price target of $23.5, forecast between a low of $22 and high of $25. Looking at the price targets, the low is -24.36% off current price level while to achieve the yearly target high, price needs to move -41.32%. Nonetheless, investors will most likely welcome a -32.84% jump to $23.5 which is the analysts’ median price.
If we refocus on Fortrea Holdings Inc (NASDAQ:FTRE), historical trading data shows that trading volumes averaged 0.93 over the past 10 days and 1.22 million over the past 3 months. The company’s latest data on shares outstanding shows there are 89.70 million shares.
The 0.47% of Fortrea Holdings Inc’s shares are in the hands of company insiders while institutional holders own 110.80% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 5.72 million on 2024-12-31, giving us a short ratio of 4.61. The data shows that as of 2024-12-31 short interest in Fortrea Holdings Inc (FTRE) stood at 919.9999999999999 of shares outstanding, with shares short rising to 5.26 million registered in 2024-11-29. Current price change has pushed the stock -5.15% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the FTRE stock continues to rise going into the next quarter.
