Fortrea (NASDAQ:FTRE) Stock Price Up 5.5% – Here’s Why

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) were up 5.5% during mid-day trading on Tuesday . The company traded as high as $19.48 and last traded at $19.45. Approximately 396,844 shares were traded during trading, a decline of 69% from the average daily volume of 1,278,945 shares. The stock had previously closed at $18.43.

Analysts Set New Price Targets

FTRE has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 20th. Evercore ISI lowered their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Bank of America decreased their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. TD Cowen dropped their target price on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Finally, Citigroup decreased their price target on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $23.60.

Fortrea Trading Down 0.9 %

The business has a fifty day moving average price of $21.10 and a two-hundred day moving average price of $26.40. 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 firm has a market capitalization of $1.73 billion, a PE ratio of -13.96, a PEG ratio of 2.37 and a beta of 0.54.

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). The company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS. Analysts expect that Fortrea Holdings Inc. will post 0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. nVerses Capital LLC purchased a new stake in shares of Fortrea during the 2nd quarter worth $26,000. Gladius Capital Management LP purchased a new stake in shares of Fortrea in the second quarter valued at approximately $30,000. Concord Wealth Partners grew its stake in shares of Fortrea by 152.8% during the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after purchasing an additional 521 shares during the period. Blue Trust Inc. increased its position in shares of Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after buying an additional 1,434 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. grew its holdings in Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after buying an additional 1,250 shares during the last quarter.

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.