Fortrea Holdings Inc. (NASDAQ:FTRE) Receives $24.50 Average Target Price from Analysts

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been assigned an average rating of “Hold” from the twelve ratings firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $24.50.

Several brokerages recently commented on FTRE. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and reduced their target price for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft lowered their target price on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. Robert W. Baird raised their target price on Fortrea from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Barclays raised their target price on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Finally, William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th.

Fortrea Trading Up 4.2 %

Shares of FTRE stock opened at $21.55 on Monday. Fortrea has a 12 month low of $16.53 and a 12 month high of $41.02. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The business’s 50 day moving average is $19.48 and its two-hundred day moving average is $22.63. The company has a market cap of $1.93 billion, a PE ratio of -6.05, a price-to-earnings-growth ratio of 3.15 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $674.86 million. During the same period in the prior year, the company posted $0.24 earnings per share. The firm’s revenue was down 5.4% compared to the same quarter last year. Equities analysts predict that Fortrea will post 0.57 EPS for the current year.

Hedge Funds Weigh In On Fortrea

Institutional investors have recently modified their holdings of the stock. nVerses Capital LLC bought a new position in shares of Fortrea during the 2nd quarter valued at about $26,000. Hara Capital LLC bought a new position in shares of Fortrea during the 3rd quarter valued at about $29,000. Gladius Capital Management LP bought a new stake in Fortrea in the 2nd quarter valued at approximately $30,000. Blue Trust Inc. lifted its stake in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. lifted its stake in 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 valued at $53,000 after acquiring an additional 1,250 shares in the last quarter.

Fortrea Company Profile

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.