Fortrea (FTRE) – Research Analysts’ Recent Ratings Updates

A number of research firms have changed their ratings and price targets for Fortrea (NASDAQ: FTRE):

• 8/13/2024 – Fortrea had its price target lowered by analysts at Bank of America Co. from $26.00 to $21.00. They now have an “underperform” rating on the stock.
• 8/13/2024 – Fortrea had its price target lowered by analysts at Robert W. Baird from $38.00 to $28.00. They now have an “outperform” rating on the stock.
• 8/13/2024 – Fortrea had its price target lowered by analysts at TD Cowen from $27.00 to $23.00. They now have a “hold” rating on the stock.
• 8/13/2024 – Fortrea had its price target lowered by analysts at Barclays PLC from $30.00 to $21.00. They now have an “equal weight” rating on the stock.
• 8/13/2024 – Fortrea had its price target lowered by analysts at Citigroup Inc. from $42.00 to $30.00. They now have a “buy” rating on the stock.
• 8/12/2024 – Fortrea had its “market perform” rating reaffirmed by analysts at William Blair.
• 8/8/2024 – Fortrea was downgraded by analysts at Evercore ISI from an “outperform” rating to an “in-line” rating. They now have a $27.00 price target on the stock, down previously from $31.00.
• 7/24/2024 – Fortrea is now covered by analysts at Barclays PLC. They set an “equal weight” rating and a $30.00 price target on the stock.
• 7/18/2024 – Fortrea had its price target lowered by analysts at Bank of America Co. from $27.00 to $26.00. They now have an “underperform” rating on the stock.

Fortrea Trading Up 2.8 %

FTRE traded up $0.62 during trading on Wednesday, reaching $22.84. The company had a trading volume of 415,423 shares, compared to its average volume of 1,192,311. The firm’s 50-day simple moving average is $24.94 and its 200 day simple moving average is $31.24. The company has a market cap of $2.04 billion and a price-to-earnings ratio of -16.43. Fortrea Holdings Inc. has a 12-month low of $18.07 and a 12-month high of $41.02. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47.

Fortrea (NASDAQ:FTRE) last issued its quarterly 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). The company had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The company’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.52 EPS. Equities research analysts anticipate that Fortrea Holdings Inc. will post 0.72 earnings per share for the current year.

Insider Buying and Selling

In other Fortrea news, CEO Thomas Pike acquired 10,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was purchased at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the transaction, the chief executive officer now owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Thomas Pike purchased 10,000 shares of Fortrea stock in a transaction dated Wednesday, May 29th. The stock was acquired at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the acquisition, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel James S. Hanson purchased 2,000 shares of Fortrea stock in a transaction dated Wednesday, June 12th. The shares were purchased at an average price of $25.30 per share, with a total value of $50,600.00. Following the completion of the acquisition, the general counsel now owns 7,475 shares in the company, valued at $189,117.50. The disclosure for this purchase can be found here. 0.12% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fortrea

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Glassman Wealth Services bought a new position in Fortrea in the 4th quarter worth approximately $28,000. Concord Wealth Partners increased its position in 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. Parallel Advisors LLC bought a new position in Fortrea in the 4th quarter worth approximately $36,000. nVerses Capital LLC bought a new position in Fortrea in the 2nd quarter worth approximately $26,000. Finally, Gladius Capital Management LP bought a new position in Fortrea in the 4th quarter worth approximately $39,000.

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.