Fortrea (NASDAQ:FTRE) PT Lowered to $20.00

Fortrea (NASDAQ:FTRE) had its price objective reduced by Barclays from $21.00 to $20.00 in a research note published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts also recently weighed in on the company. TD Cowen cut their target price on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Robert W. Baird cut their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. The Goldman Sachs Group cut their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Evercore ISI cut their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus price target of $23.60.

Fortrea Stock Performance

NASDAQ:FTRE opened at $19.89 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. Fortrea has a 1 year low of $18.04 and a 1 year high of $41.02. The stock’s 50 day simple moving average is $21.00 and its two-hundred day simple moving average is $26.26. The company has a market cap of $1.78 billion, a price-to-earnings ratio of -14.31, a PEG ratio of 2.37 and a beta of 0.54.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, August 12th. 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 1.98% and a negative net margin of 10.09%. The firm had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. During the same period in the previous year, the firm earned $0.52 EPS. The business’s revenue was down 8.6% compared to the same quarter last year. As a group, equities analysts anticipate that Fortrea will post 0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Hedge funds have recently made changes to their positions in the company. Concord Wealth Partners lifted its holdings in shares of Fortrea by 152.8% in the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after buying an additional 521 shares during the period. nVerses Capital LLC purchased a new stake in shares of Fortrea in the 2nd quarter worth $26,000. Gladius Capital Management LP purchased a new stake in shares of Fortrea in the 2nd quarter worth $30,000. Blue Trust Inc. lifted its holdings in shares of Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after buying an additional 1,434 shares during the period. Finally, Covestor Ltd lifted its holdings in shares of Fortrea by 420.8% in the 1st quarter. Covestor Ltd now owns 2,083 shares of the company’s stock worth $84,000 after buying an additional 1,683 shares during the period.

Fortrea Company Profile

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.