Shares of Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report) have earned a consensus recommendation of “Hold” from the twelve ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, seven have assigned 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 brokerages that have issued ratings on the stock in the last year is $27.20.
A number of analysts recently weighed in on the stock. Citigroup reduced their price objective on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Bank of America reduced their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Evercore ISI lowered shares of Fortrea from an “outperform” rating to an “in-line” rating and reduced their target price for the stock from $31.00 to $27.00 in a research report on Thursday, August 8th. The Goldman Sachs Group started coverage on shares of Fortrea in a research report on Thursday, June 6th. They set a “neutral” rating and a $28.00 target price on the stock. Finally, Robert W. Baird reduced their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th.
Check Out Our Latest Research Report on FTRE
Insider Activity
Institutional Investors Weigh In On Fortrea
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. acquired a new stake in Fortrea in the fourth quarter valued at approximately $347,110,000. Sessa Capital IM L.P. boosted its stake in Fortrea by 5.9% in the second quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company’s stock valued at $157,545,000 after acquiring an additional 375,000 shares in the last quarter. Boston Partners boosted its stake in Fortrea by 3.2% in the first quarter. Boston Partners now owns 3,938,584 shares of the company’s stock valued at $157,075,000 after acquiring an additional 121,126 shares in the last quarter. Baupost Group LLC MA lifted its stake in shares of Fortrea by 933.7% during the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after buying an additional 2,836,563 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Fortrea by 59.3% during the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock worth $57,561,000 after buying an additional 918,240 shares during the period.
Fortrea Stock Performance
Fortrea stock opened at $22.15 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47. Fortrea has a 1-year low of $18.07 and a 1-year high of $41.02. The firm has a market capitalization of $1.98 billion and a P/E ratio of -15.98. The company’s 50-day moving average is $24.55 and its 200 day moving average is $30.93.
Fortrea (NASDAQ:FTRE – Get Free Report) last posted its quarterly earnings data 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 positive return on equity of 4.76% and a negative net margin of 4.11%. The firm had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $689.08 million. During the same period last year, the company earned $0.52 earnings per share. The business’s revenue for the quarter was down 8.6% compared to the same quarter last year. Research analysts forecast that Fortrea will post 0.72 EPS for the current year.
About Fortrea
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.
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