Fortrea Holdings Inc. (NASDAQ:FTRE) Receives $23.30 Consensus Target Price from Brokerages

Fortrea Holdings Inc. (NASDAQ:FTRE) has earned a consensus recommendation of “Reduce” from the twelve research firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and eleven have assigned a hold recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $23.30.

Several analysts have commented on the stock. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. The Goldman Sachs Group lowered their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and reduced their target price for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. TD Cowen lifted their price target on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. Finally, Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $28.00 to $25.00 in a report on Friday, December 6th.

Fortrea Stock Down 0.7 %

Shares of NASDAQ:FTRE opened at $17.69 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $1.59 billion, a P/E ratio of -5.17, a P/E/G ratio of 2.04 and a beta of 1.24. Fortrea has a 52-week low of $16.53 and a 52-week high of $41.02. The stock’s fifty day simple moving average is $19.72 and its 200-day simple moving average is $21.13.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The firm had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. Fortrea’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the company posted $0.24 earnings per share. As a group, equities research analysts forecast that Fortrea will post 0.51 earnings per share for the current fiscal year.

Insider Activity at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.12% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently made changes to their positions in FTRE. Hara Capital LLC purchased a new position in Fortrea in the third quarter valued at about $29,000. University of Texas Texas AM Investment Management Co. raised its holdings in shares of Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after buying an additional 1,250 shares during the period. Covestor Ltd lifted its position in Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after acquiring an additional 1,398 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in Fortrea in the 3rd quarter worth approximately $57,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after acquiring an additional 572 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.