Fortrea (NASDAQ:FTRE) Price Target Cut to $12.00 by Analysts at Barclays

Fortrea (NASDAQ:FTRE) had its price objective lowered by Barclays from $25.00 to $12.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other research firms also recently weighed in on FTRE. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. TD Cowen raised their price objective on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $28.00 to $25.00 in a report on Friday, December 6th. Finally, Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat.com, Fortrea presently has a consensus rating of “Hold” and an average target price of $20.30.

Fortrea Stock Performance

Shares of FTRE stock opened at $10.96 on Tuesday. The company has a market cap of $983.11 million, a price-to-earnings ratio of -3.20, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The stock has a 50 day simple moving average of $16.81 and a 200-day simple moving average of $19.09. Fortrea has a 12-month low of $9.55 and a 12-month high of $41.02. 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 (NASDAQ:FTRE) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $703.22 million. During the same period in the previous year, the business earned $0.19 earnings per share. On average, equities analysts forecast that Fortrea will post 0.51 EPS for the current year.

Insider Activity at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 12,386 shares of company stock valued at $219,751 over the last three months. 0.12% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. acquired a new position in shares of Fortrea during the fourth quarter worth approximately $35,000. PharVision Advisers LLC acquired a new stake in Fortrea in the fourth quarter worth approximately $345,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Fortrea by 2.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,034 shares of the company’s stock worth $4,756,000 after purchasing an additional 5,691 shares during the period. Two Sigma Advisers LP acquired a new stake in Fortrea in the fourth quarter worth approximately $388,000. Finally, Tang Capital Management LLC acquired a new stake in Fortrea in the fourth quarter worth approximately $1,865,000.

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.