William Blair Reaffirms Market Perform Rating for Fortrea (NASDAQ:FTRE)

Fortrea (NASDAQ:FTRE)‘s stock had its “market perform” rating reaffirmed by investment analysts at William Blair in a note issued to investors on Friday,Benzinga reports.

FTRE has been the topic of several other reports. Bank of America dropped their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Barclays reduced their target price on shares of Fortrea from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. Jefferies Financial Group cut shares of Fortrea from a “buy” rating to a “hold” rating and lowered their price target for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. TD Cowen dropped their price objective on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Finally, Evercore ISI decreased their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $23.60.

Fortrea Trading Up 31.8 %

NASDAQ FTRE traded up $5.74 during trading on Friday, hitting $23.79. The company had a trading volume of 5,020,718 shares, compared to its average volume of 1,287,437. The company’s fifty day moving average is $19.69 and its 200-day moving average is $24.25. Fortrea has a one year low of $16.53 and a one year high of $41.02. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -7.30, a price-to-earnings-growth ratio of 2.72 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business earned $0.24 earnings per share. On average, sell-side analysts predict that Fortrea will post 0.59 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

Hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. increased its holdings in shares of Fortrea by 311.2% in the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after purchasing an additional 59,690 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in Fortrea by 171.6% in the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock worth $10,793,000 after buying an additional 169,882 shares in the last quarter. Russell Investments Group Ltd. raised its position in Fortrea by 466.0% in the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock worth $3,309,000 after buying an additional 67,865 shares during the last quarter. Penn Davis Mcfarland Inc. lifted its stake in Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after acquiring an additional 508,664 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of Fortrea during the 2nd quarter valued at about $23,192,000.

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.