Barclays Cuts Fortrea (NASDAQ:FTRE) Price Target to $21.00

Fortrea (NASDAQ:FTRE) had its target price lowered by Barclays from $30.00 to $21.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts also recently weighed in on the company. The Goldman Sachs Group assumed coverage on Fortrea in a research report on Thursday, June 6th. They set a neutral rating and a $28.00 target price for the company. Mizuho initiated coverage on shares of Fortrea in a research report on Tuesday, May 28th. They issued a neutral rating and a $27.00 target price for the company. Robert W. Baird cut their price target on shares of Fortrea from $38.00 to $28.00 and set an outperform rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Fortrea from $36.00 to $28.00 and set a hold rating on the stock in a research note on Thursday, May 23rd. Finally, William Blair restated a market perform rating on shares of Fortrea in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortrea currently has an average rating of Hold and an average price target of $27.70.

Fortrea Price Performance

Fortrea stock opened at $22.28 on Tuesday. The company has a market capitalization of $1.99 billion and a price-to-earnings ratio of -16.03. The stock’s 50 day moving average is $24.75 and its 200-day moving average is $31.12. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98. Fortrea has a 12 month low of $18.07 and a 12 month high of $41.02.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The business had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same quarter last year, the company posted $0.52 earnings per share. The company’s revenue was down 8.6% on a year-over-year basis. Equities research analysts expect that Fortrea will post 0.72 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sei Investments Co. raised its position in shares of Fortrea by 311.2% during the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after acquiring an additional 59,690 shares during the last quarter. Cohen Capital Management Inc. bought a new position in Fortrea during the 4th quarter worth approximately $1,873,000. Jennison Associates LLC acquired a new position in shares of Fortrea in the 1st quarter worth approximately $6,560,000. First Eagle Investment Management LLC boosted its stake in shares of Fortrea by 171.6% in the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock valued at $10,793,000 after purchasing an additional 169,882 shares during the last quarter. Finally, Amalgamated Bank bought a new stake in shares of Fortrea in the 4th quarter valued at $1,320,000.

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.