Fortrea Holdings Inc. (NASDAQ:FTRE) Given Consensus Rating of “Hold” by Brokerages

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) 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.

Insider Activity

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

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) 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.