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

Fortrea Holdings Inc. (NASDAQ:FTRE) has earned an average recommendation of “Hold” from the twelve brokerages that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $24.50.

A number of research firms have issued reports on FTRE. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Citigroup dropped their price objective on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. TD Cowen upped their price target on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Evercore ISI dropped their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Finally, Bank of America cut their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th.

Fortrea Trading Up 1.2 %

NASDAQ FTRE opened at $19.73 on Monday. The business has a 50 day simple moving average of $19.53 and a 200 day simple moving average of $22.83. The stock has a market capitalization of $1.77 billion, a P/E ratio of -5.77, a P/E/G ratio of 2.94 and a beta of 0.70. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea has a one year low of $16.53 and a one year high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The firm had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. Fortrea’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 earnings per share. Research analysts expect that Fortrea will post 0.57 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. O Shaughnessy Asset Management LLC purchased a new stake in Fortrea in the first quarter worth about $496,000. Price T Rowe Associates Inc. MD grew its position in shares of Fortrea by 5.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,531 shares of the company’s stock valued at $2,029,000 after acquiring an additional 2,731 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of Fortrea in the first quarter worth about $630,000. Ancora Advisors LLC lifted its position in shares of Fortrea by 40,301.8% during the 1st quarter. Ancora Advisors LLC now owns 132,518 shares of the company’s stock valued at $5,319,000 after buying an additional 132,190 shares in the last quarter. Finally, Cetera Advisors LLC bought a new position in shares of Fortrea during the 1st quarter valued at approximately $241,000.

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.