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

Fortrea (NASDAQ:FTRE) was downgraded by investment analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a report released on Friday, MarketBeat Ratings reports. They presently have a $25.00 price objective on the stock, down from their prior price objective of $28.00. Robert W. Baird’s price objective suggests a potential upside of 15.37% from the stock’s current price.

A number of other brokerages have also recently commented on FTRE. Bank of America dropped their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. TD Cowen increased their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft decreased their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 20th. Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and decreased their price target for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. Finally, The Goldman Sachs Group reduced their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $24.00.

Fortrea Price Performance

Fortrea stock opened at $21.67 on Friday. Fortrea has a 12 month low of $16.53 and a 12 month high of $41.02. The stock’s 50 day moving average is $19.52 and its 200-day moving average is $22.35. 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 company has a market capitalization of $1.94 billion, a price-to-earnings ratio of -6.34, a PEG ratio of 3.58 and a beta of 1.16.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. During the same period in the prior year, the company earned $0.24 EPS. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. Equities research analysts expect that Fortrea will post 0.57 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new position in shares of Fortrea during the second quarter valued at about $26,000. Gladius Capital Management LP purchased a new stake in Fortrea in the second quarter worth about $30,000. Hara Capital LLC bought a new position in shares of Fortrea during the third quarter valued at approximately $29,000. Blue Trust Inc. increased its stake 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 purchasing an additional 1,434 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. increased its stake 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 purchasing 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.