Fortrea (NASDAQ:FTRE) Given New $12.00 Price Target at Barclays

Fortrea (NASDAQ:FTRE) had its price target reduced by research analysts at Barclays from $25.00 to $12.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential upside of 15.61% from the company’s current price.

FTRE has been the subject of a number of other reports. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $28.00 to $25.00 in a research report on Friday, December 6th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Finally, TD Cowen upped their price objective on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $22.00.

Fortrea Trading Down 25.1 %

FTRE stock opened at $10.38 on Tuesday. 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 $931.09 million, a P/E ratio of -3.04, a P/E/G ratio of 1.78 and a beta of 1.20. Fortrea has a 1-year low of $9.55 and a 1-year high of $41.02. The business’s 50 day moving average is $16.81 and its 200-day moving average is $19.09.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). The firm had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter in the prior year, the firm posted $0.19 EPS. Equities analysts anticipate that Fortrea will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 12,386 shares of company stock valued at $219,751 over the last three months. Company insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hara Capital LLC bought a new stake in Fortrea in the third quarter valued at approximately $29,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Fortrea in the 4th quarter valued at $30,000. GF Fund Management CO. LTD. acquired a new stake in Fortrea during the 4th quarter worth $35,000. Covestor Ltd raised its stake in Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after buying an additional 1,398 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Fortrea by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after acquiring an additional 572 shares in the last quarter.

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.