Fortrea (NASDAQ:FTRE) Given New $15.00 Price Target at Evercore ISI

Fortrea (NASDAQ:FTRE) had its price objective reduced by stock analysts at Evercore ISI from $20.00 to $15.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s price objective would indicate a potential upside of 41.54% from the stock’s previous close.

A number of other research analysts also recently weighed in on the stock. TD Cowen increased their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $28.00 to $25.00 in a research note on Friday, December 6th. The Goldman Sachs Group decreased their price target on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.30.

Fortrea Trading Up 2.1 %

Shares of Fortrea stock opened at $10.60 on Tuesday. Fortrea has a 1 year low of $9.55 and a 1 year high of $41.02. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a fifty day moving average price of $16.81 and a 200-day moving average price of $19.09. The firm has a market cap of $950.64 million, a PE ratio of -3.09, a P/E/G ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter in the previous year, the business earned $0.19 earnings per share. Equities research analysts anticipate that Fortrea will post 0.51 EPS for the current year.

Insider Transactions at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders have sold 12,386 shares of company stock valued at $219,751. Corporate insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Fortrea

Institutional investors have recently bought and sold shares of the stock. Hara Capital LLC acquired a new position in Fortrea during the third quarter valued at $29,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fortrea in the 4th quarter worth $30,000. GF Fund Management CO. LTD. bought a new stake in shares of Fortrea during the fourth quarter valued at approximately $35,000. Covestor Ltd raised its stake in shares of Fortrea by 102.4% in the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after buying an additional 1,398 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Fortrea by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after buying an additional 572 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.