Fortrea (NASDAQ:FTRE) Receives “Market Perform” Rating from William Blair

William Blair reissued their market perform rating on shares of Fortrea (NASDAQ:FTRE) in a report released on Tuesday,Benzinga reports.

FTRE has been the topic of a number of other research reports. Barclays reduced their target price on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. TD Cowen raised their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Finally, Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $28.00 to $25.00 in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $20.30.

Fortrea Trading Up 5.6 %

NASDAQ:FTRE opened at $10.96 on Tuesday. The company has a market cap of $983.11 million, a P/E ratio of -3.20, a P/E/G ratio of 1.78 and a beta of 1.34. Fortrea has a 1 year low of $9.55 and a 1 year high of $41.02. The stock’s fifty day moving average price is $16.81 and its two-hundred day moving average price is $19.09. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The firm had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the previous year, the company posted $0.19 EPS. As a group, analysts expect that Fortrea will post 0.51 EPS for the current year.

Insider Transactions at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last ninety days, insiders sold 12,386 shares of company stock worth $219,751. Company insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Fortrea by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock worth $184,341,000 after buying an additional 120,599 shares during the period. Starboard Value LP increased its stake in shares of Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after purchasing an additional 400,000 shares in the last quarter. FMR LLC lifted its holdings in shares of Fortrea by 67.7% during the fourth quarter. FMR LLC now owns 8,086,806 shares of the company’s stock valued at $150,819,000 after purchasing an additional 3,265,402 shares during the last quarter. Sessa Capital IM L.P. boosted its position in shares of Fortrea by 2.3% in the 3rd quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after purchasing an additional 158,044 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Fortrea by 5,021,169.7% in the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after buying an additional 6,125,827 shares during 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.