Fortrea Holdings Inc. (NASDAQ:FTRE) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have received an average recommendation of “Moderate Buy” from the twelve analysts that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $32.30.

A number of research analysts have weighed in on FTRE shares. Mizuho started coverage on shares of Fortrea in a research report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 price objective on the stock. Robert W. Baird raised shares of Fortrea from a “neutral” rating to an “outperform” rating and lowered their target price for the company from $45.00 to $36.00 in a research note on Tuesday, May 14th. Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 14th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a research note on Thursday, May 23rd. Finally, Evercore ISI lowered their target price on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a research note on Tuesday, May 14th.

Insider Buying and Selling

In other news, CEO Thomas Pike purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was acquired at an average cost of $24.81 per share, with a total value of $248,100.00. Following the completion of the transaction, the chief executive officer now owns 57,827 shares in the company, valued at approximately $1,434,687.87. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Thomas Pike purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was acquired at an average cost of $24.81 per share, with a total value of $248,100.00. Following the completion of the transaction, the chief executive officer now owns 57,827 shares in the company, valued at approximately $1,434,687.87. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel James S. Hanson purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average cost of $25.30 per share, with a total value of $50,600.00. Following the completion of the transaction, the general counsel now 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 insiders.

Hedge Funds Weigh In On Fortrea

Several hedge funds have recently modified their holdings of FTRE. Banyan Capital Management Inc. acquired a new position in shares of Fortrea during the fourth quarter valued at about $816,000. Daymark Wealth Partners LLC acquired a new position in Fortrea in the 4th quarter worth approximately $254,000. Nordea Investment Management AB acquired a new position in Fortrea in the 4th quarter worth approximately $747,000. Raymond James Trust N.A. acquired a new position in Fortrea in the 4th quarter worth approximately $363,000. Finally, FORVIS Wealth Advisors LLC acquired a new position in Fortrea in the 4th quarter worth approximately $244,000.

Fortrea Trading Up 0.9 %

Shares of FTRE opened at $22.88 on Friday. The company’s fifty day moving average is $28.83 and its 200 day moving average is $32.93. Fortrea has a fifty-two week low of $22.15 and a fifty-two week high of $41.02. The stock has a market capitalization of $2.05 billion and a PE ratio of -16.46. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business had revenue of $662.10 million during the quarter, compared to the consensus estimate of $754.58 million. The business’s revenue was down 4.6% compared to the same quarter last year. Sell-side analysts expect that Fortrea will post 0.75 earnings per share for the current fiscal year.

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.