Fortrea Holdings Inc. (NASDAQ:FTRE) Given Average Rating of “Reduce” by Analysts

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have earned a consensus recommendation of “Reduce” from the twelve research firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $23.30.

A number of brokerages have weighed in on FTRE. TD Cowen raised their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Evercore ISI reduced their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $28.00 to $25.00 in a research note on Friday, December 6th. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Finally, The Goldman Sachs Group decreased their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th.

Institutional Investors Weigh In On Fortrea

Institutional investors and hedge funds have recently bought and sold shares of the business. nVerses Capital LLC acquired a new position in Fortrea in the second quarter valued at approximately $26,000. Hara Capital LLC acquired a new position in Fortrea during the 3rd quarter valued at approximately $29,000. Blue Trust Inc. grew its stake in Fortrea by 2,515.8% during 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 last quarter. University of Texas Texas AM Investment Management Co. increased its position in Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after buying an additional 1,250 shares during the period. Finally, Covestor Ltd lifted its stake in Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after buying an additional 1,398 shares during the last quarter.

Fortrea Trading Up 2.2 %

NASDAQ FTRE opened at $19.17 on Friday. The stock has a market cap of $1.72 billion, a P/E ratio of -5.61, a PEG ratio of 2.94 and a beta of 1.14. The company’s fifty day simple moving average is $19.68 and its 200-day simple moving average is $21.79. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the firm earned $0.24 EPS. Equities research analysts predict that Fortrea will post 0.57 EPS for the current fiscal year.

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.