Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Average Recommendation of “Hold” from Brokerages

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been assigned a consensus rating of “Hold” from the twelve ratings firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $27.20.

Several research firms recently issued reports on FTRE. Evercore ISI cut Fortrea from an “outperform” rating to an “in-line” rating and cut their target price for the stock from $31.00 to $27.00 in a research report on Thursday, August 8th. Robert W. Baird lowered their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Mizuho started coverage on shares of Fortrea in a research note on Tuesday, May 28th. They set a “neutral” rating and a $27.00 target price for the company. Citigroup decreased their price target on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, Barclays reduced their target price on Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 13th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Concord Wealth Partners boosted its stake in shares of Fortrea by 152.8% during the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after purchasing an additional 521 shares during the period. Parallel Advisors LLC bought a new stake in Fortrea in the fourth quarter worth about $36,000. nVerses Capital LLC purchased a new position in shares of Fortrea during the second quarter valued at approximately $26,000. Ables Iannone Moore & Associates Inc. bought a new position in shares of Fortrea during the fourth quarter valued at approximately $40,000. Finally, Evermay Wealth Management LLC purchased a new stake in shares of Fortrea in the fourth quarter worth approximately $44,000.

Fortrea Price Performance

Shares of NASDAQ:FTRE opened at $21.39 on Wednesday. The company has a market capitalization of $1.92 billion, a P/E ratio of -15.39, a P/E/G ratio of 2.02 and a beta of 0.56. Fortrea has a 1-year low of $18.07 and a 1-year high of $41.02. The firm’s 50 day simple moving average is $23.87 and its two-hundred day simple moving average is $29.31. 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 (NASDAQ:FTRE) last released its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter last year, the firm posted $0.52 EPS. The firm’s quarterly revenue was down 8.6% compared to the same quarter last year. Research analysts expect that Fortrea will post 0.6 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.