Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) PT at $23.30

Fortrea Holdings Inc. (NASDAQ:FTRE) has earned an average rating of “Reduce” from the twelve analysts that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and eleven have assigned a hold recommendation to the company. The average 12 month target price among analysts that have issued ratings 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 report on Friday, December 6th. TD Cowen raised their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th.

Insider Activity at Fortrea

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FTRE. Hara Capital LLC acquired a new position in Fortrea in the third quarter valued at $29,000. Covestor Ltd lifted its holdings in shares of Fortrea by 102.4% in the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after purchasing an additional 1,398 shares during the last quarter. Raleigh Capital Management Inc. purchased a new position in Fortrea during the 3rd quarter worth approximately $57,000. Mirae Asset Global Investments Co. Ltd. increased its position in Fortrea by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after buying an additional 572 shares during the period. Finally, Cullen Frost Bankers Inc. increased its position in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after buying an additional 1,361 shares during the period.

Fortrea Stock Performance

Shares of FTRE stock opened at $15.07 on Friday. Fortrea has a one year low of $14.27 and a one year high of $41.02. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The firm’s 50 day moving average price is $18.61 and its 200-day moving average price is $20.21. The firm has a market cap of $1.35 billion, a P/E ratio of -4.41, a P/E/G ratio of 1.76 and a beta of 1.20.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. As a group, equities research analysts predict 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.