Fortrea (NASDAQ:FTRE) Given New $15.00 Price Target at Evercore ISI

Fortrea (NASDAQ:FTRE) had its price objective trimmed by Evercore ISI from $20.00 to $15.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an in-line rating on the stock.

Several other research analysts have also recently commented on the company. 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 research report on Tuesday. Barclays cut their price objective on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday. TD Cowen raised their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Tuesday. Finally, Robert W. Baird lowered Fortrea from an “outperform” rating to a “neutral” rating and lowered their target price for the stock 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 assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock has an average 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 stock has a 50-day simple moving average of $16.81 and a 200 day simple moving average of $19.09. The company has a market capitalization of $983.11 million, a PE ratio of -3.20, a P/E/G ratio of 1.78 and a beta of 1.34. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 12 month low of $9.55 and a 12 month high of $41.02.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business 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 quarter last year, the company earned $0.19 earnings per share. Research analysts forecast that Fortrea will post 0.51 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now directly 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 12,386 shares of company stock valued at $219,751. 0.12% of the stock is currently owned by company insiders.

Institutional Trading of Fortrea

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Fortrea by 21.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock valued at $7,288,000 after buying an additional 63,766 shares in the last quarter. Starboard Value LP increased its holdings in Fortrea by 5.0% during the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after purchasing an additional 400,000 shares in the last quarter. State Street Corp increased its holdings in Fortrea by 7.7% during the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after purchasing an additional 233,577 shares in the last quarter. Mutual of America Capital Management LLC increased its holdings in Fortrea by 9.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after purchasing an additional 40,748 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its holdings in Fortrea by 20.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,197,696 shares of the company’s stock worth $23,954,000 after purchasing an additional 204,021 shares in the last quarter.

About Fortrea

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.