Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Consensus Recommendation of “Hold” from Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has been assigned a consensus rating of “Hold” from the twelve ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $24.90.

A number of equities analysts have issued reports on the company. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. Robert W. Baird dropped their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. Bank of America dropped their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 20th. Finally, Jefferies Financial Group cut 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 research report on Wednesday, September 25th.

Institutional Investors Weigh In On Fortrea

Hedge funds have recently modified their holdings of the stock. Concord Wealth Partners raised its holdings in shares of Fortrea by 152.8% in the 1st quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after purchasing an additional 521 shares during the period. Parallel Advisors LLC purchased a new position in Fortrea in the 4th quarter valued at approximately $36,000. nVerses Capital LLC purchased a new position in Fortrea in the 2nd quarter valued at approximately $26,000. Ables Iannone Moore & Associates Inc. purchased a new position in Fortrea in the 4th quarter valued at approximately $40,000. Finally, Gladius Capital Management LP purchased a new position in Fortrea in the 2nd quarter valued at approximately $30,000.

Fortrea Stock Performance

Shares of FTRE opened at $18.79 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The stock has a 50-day moving average of $22.46 and a 200-day moving average of $27.69. The company has a market cap of $1.68 billion, a PE ratio of -13.52, a P/E/G ratio of 2.21 and a beta of 0.54. Fortrea has a one year low of $18.07 and a one year high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The business’s quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.52 earnings per share. On average, equities research analysts predict that Fortrea will post 0.6 EPS for the current fiscal 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.