Fortrea (NASDAQ:FTRE) Trading Up 5.4% – Still a Buy?

Fortrea Holdings Inc. (NASDAQ:FTREGet Free Report) shot up 5.4% during mid-day trading on Thursday . The stock traded as high as $20.54 and last traded at $20.50. 215,955 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,288,490 shares. The stock had previously closed at $19.45.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FTRE. William Blair restated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. The Goldman Sachs Group cut their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. TD Cowen upped their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and dropped their price target for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. Finally, Deutsche Bank Aktiengesellschaft lowered 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. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $23.30.

Read Our Latest Report on Fortrea

Fortrea Price Performance

The business’s 50-day simple moving average is $19.65 and its two-hundred day simple moving average is $22.20. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of -5.85, a P/E/G ratio of 2.94 and a beta of 1.16.

Fortrea (NASDAQ:FTREGet Free Report) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The company had revenue of $674.90 million during the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. As a group, research analysts expect that Fortrea Holdings Inc. will post 0.57 EPS for the current fiscal year.

Institutional Trading of Fortrea

Several institutional investors and hedge funds have recently made changes to their positions in FTRE. nVerses Capital LLC bought a new stake in shares of Fortrea in the 2nd quarter worth approximately $26,000. Hara Capital LLC bought a new position in Fortrea during the third quarter worth about $29,000. Gladius Capital Management LP bought a new stake in shares of Fortrea during the 2nd quarter valued at $30,000. Blue Trust Inc. lifted its holdings in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after acquiring an additional 1,434 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. boosted its holdings in shares of Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after purchasing an additional 1,250 shares in the last quarter.

Fortrea Company Profile

(Get Free Report)

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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