Fortrea (NASDAQ:FTRE) Lowered to “Neutral” Rating by Robert W. Baird

Fortrea (NASDAQ:FTRE) was downgraded by analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued to investors on Friday,Briefing.com Automated Import reports. They currently have a $25.00 price objective on the stock, down from their previous price objective of $28.00. Robert W. Baird’s price objective indicates a potential upside of 6.07% from the company’s previous close.

A number of other brokerages have also recently issued reports on FTRE. TD Cowen lifted their price target on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Evercore ISI lowered their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Barclays lifted their price target on shares of Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Jefferies Financial Group cut shares of Fortrea from a “buy” rating to a “hold” rating and decreased their target price for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $24.00.

Fortrea Trading Down 0.7 %

Shares of FTRE opened at $23.57 on Friday. The firm’s 50-day moving average price is $19.48 and its 200-day moving average price is $22.42. The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of -6.89, a PEG ratio of 3.26 and a beta of 1.16. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 1-year low of $16.53 and a 1-year high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. During the same period last year, the business earned $0.24 earnings per share. The company’s revenue was down 5.4% on a year-over-year basis. Sell-side analysts anticipate that Fortrea will post 0.57 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. nVerses Capital LLC purchased a new position in shares of Fortrea during the second quarter valued at approximately $26,000. Gladius Capital Management LP purchased a new position in shares of Fortrea during the second quarter valued at approximately $30,000. Hara Capital LLC purchased a new position in shares of Fortrea during the third quarter valued at approximately $29,000. Blue Trust Inc. grew its position in Fortrea by 2,515.8% during 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 during the period. Finally, University of Texas Texas AM Investment Management Co. grew its position in Fortrea by 125.0% during the second 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 period.

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.