Fortrea (NASDAQ:FTRE) Stock Rating Lowered by Baird R W

Fortrea (NASDAQ:FTRE) was downgraded by investment analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a report issued on Friday,Zacks.com reports.

Other analysts have also issued reports about the stock. Barclays increased their target price on shares of Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and dropped their target price for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. Evercore ISI dropped their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $28.00 to $25.00 in a report on Friday. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $24.00.

Fortrea Stock Down 8.1 %

Shares of NASDAQ:FTRE opened at $21.67 on Friday. The stock’s 50-day moving average price is $19.52 and its 200-day moving average price is $22.35. Fortrea has a 12-month low of $16.53 and a 12-month high of $41.02. The stock has a market capitalization of $1.94 billion, a P/E ratio of -6.34, a price-to-earnings-growth ratio of 3.58 and a beta of 1.16. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The firm had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.24 earnings per share. On average, equities analysts anticipate that Fortrea will post 0.57 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

Several large investors have recently made changes to their positions in FTRE. nVerses Capital LLC bought a new stake in shares of Fortrea during the second quarter valued at approximately $26,000. Hara Capital LLC bought a new stake in shares of Fortrea during the third quarter valued at approximately $29,000. Gladius Capital Management LP bought a new stake in shares of Fortrea during the second quarter valued at approximately $30,000. Blue Trust Inc. increased its position in shares of Fortrea by 2,515.8% during the second 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. increased its position in shares of Fortrea by 125.0% during the second 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.