Analysts Set Fortrea Holdings Inc. (NASDAQ:FTRE) Target Price at $23.30

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been assigned a consensus rating of “Reduce” from the twelve brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and eleven have assigned a hold recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $23.30.

FTRE has been the subject of a number of research analyst reports. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $28.00 to $25.00 in a research note on Friday, December 6th. Evercore ISI decreased their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Barclays boosted their target price on shares of Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group lowered their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th.

Fortrea Stock Down 0.1 %

Shares of NASDAQ FTRE opened at $17.81 on Tuesday. The firm has a fifty day simple moving average of $19.94 and a two-hundred day simple moving average of $21.27. Fortrea has a 12 month low of $16.53 and a 12 month high of $41.02. 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 capitalization of $1.60 billion, a PE ratio of -5.21, a price-to-earnings-growth ratio of 2.04 and a beta of 1.24.

Fortrea (NASDAQ:FTRE) last released 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). The company had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. Fortrea’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.24 earnings per share. Equities analysts expect that Fortrea will post 0.51 earnings per share for the current year.

Insider Buying and Selling at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.12% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Hara Capital LLC bought a new position in Fortrea in the 3rd quarter worth $29,000. University of Texas Texas AM Investment Management Co. increased its position in Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after buying an additional 1,250 shares in the last quarter. Covestor Ltd raised its stake in shares of Fortrea by 102.4% in the third 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. Raleigh Capital Management Inc. purchased a new position in shares of Fortrea during the 3rd quarter valued at about $57,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Fortrea by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after buying an additional 572 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.