Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) PT at $20.30

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have earned an average recommendation of “Reduce” from the twelve ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $20.30.

Several research analysts have weighed in on the company. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $28.00 to $25.00 in a report on Friday, December 6th. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Tuesday. Finally, The Goldman Sachs Group reduced their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday.

Insider Buying and Selling

In other news, CEO Thomas Pike sold 11,268 shares of the company’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 sale, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 12,386 shares of company stock valued at $219,751. 0.12% of the stock is owned by insiders.

Institutional Trading of Fortrea

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Fortrea by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock worth $184,341,000 after purchasing an additional 120,599 shares during the last quarter. Starboard Value LP boosted its position in Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after acquiring an additional 400,000 shares during the last quarter. FMR LLC grew its stake in Fortrea by 67.7% in the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock worth $150,819,000 after acquiring an additional 3,265,402 shares during the period. Sessa Capital IM L.P. raised its holdings in Fortrea by 2.3% in the 3rd quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock valued at $138,161,000 after acquiring an additional 158,044 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of Fortrea by 5,021,169.7% during the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after purchasing an additional 6,125,827 shares during the period.

Fortrea Trading Down 0.1 %

NASDAQ:FTRE opened at $10.68 on Wednesday. The stock’s 50 day moving average price is $16.33 and its 200 day moving average price is $18.89. The company has a market capitalization of $958.00 million, a PE ratio of -3.12, a P/E/G ratio of 1.78 and a beta of 1.34. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 52-week low of $9.55 and a 52-week high of $41.02.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The firm had revenue of $697.00 million for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the business earned $0.19 EPS. On average, research analysts anticipate that Fortrea will post 0.51 EPS for the current year.

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.