Fortrea (NASDAQ:FTRE) Price Target Lowered to $11.00 at The Goldman Sachs Group

Fortrea (NASDAQ:FTRE) had its target price cut by The Goldman Sachs Group from $22.00 to $11.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also recently commented on the company. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Tuesday. Barclays decreased 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. Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Finally, TD Cowen raised their target price on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $20.30.

Fortrea Trading Up 5.6 %

Shares of FTRE stock opened at $10.96 on Tuesday. Fortrea has a fifty-two week low of $9.55 and a fifty-two week 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 stock’s fifty day moving average is $16.81 and its two-hundred day moving average is $19.09. The firm has a market capitalization of $983.11 million, a P/E ratio of -3.20, a PEG ratio of 1.78 and a beta of 1.34.

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

Insiders Place Their Bets

In other 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 transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 12,386 shares of company stock valued at $219,751. 0.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently bought and sold shares of FTRE. Mirae Asset Global Investments Co. Ltd. grew its position in Fortrea by 21.4% in 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 during the last quarter. US Bancorp DE boosted its position in shares of Fortrea by 97.5% during the 3rd quarter. US Bancorp DE now owns 12,960 shares of the company’s stock worth $259,000 after purchasing an additional 6,398 shares in the last quarter. Hara Capital LLC purchased a new stake in shares of Fortrea during the 3rd quarter worth $29,000. Assetmark Inc. boosted its position in shares of Fortrea by 10.7% during the 3rd quarter. Assetmark Inc. now owns 16,238 shares of the company’s stock worth $325,000 after purchasing an additional 1,566 shares in the last quarter. Finally, Covestor Ltd raised its stake in shares of Fortrea by 102.4% during the 3rd 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 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.