Fortrea (NASDAQ:FTRE) Receives “Market Perform” Rating from William Blair

Fortrea (NASDAQ:FTRE)‘s stock had its “market perform” rating reissued by analysts at William Blair in a report issued on Tuesday,Benzinga reports.

FTRE has been the subject of several other research reports. Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and cut their target price for the stock from $30.00 to $23.00 in a research note 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 research report on Monday, November 11th. Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $28.00 to $25.00 in a research report on Friday, December 6th. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Finally, Barclays reduced their price target on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. According to MarketBeat, Fortrea currently has an average rating of “Hold” and a consensus price target of $22.00.

Fortrea Stock Performance

NASDAQ FTRE opened at $10.38 on Tuesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. Fortrea has a fifty-two week low of $9.55 and a fifty-two week high of $41.02. 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 $931.09 million, a P/E ratio of -3.04, a price-to-earnings-growth ratio of 1.78 and a beta of 1.20.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, March 3rd. The company reported $0.18 EPS 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 firm had revenue of $697.00 million for the quarter, compared to analysts’ expectations of $703.22 million. During the same period last year, the firm earned $0.19 earnings per share. On average, research analysts anticipate that Fortrea will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 12,386 shares of company stock worth $219,751 in the last ninety days. 0.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently made changes to their positions in FTRE. Pacer Advisors Inc. raised its holdings in Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after acquiring an additional 6,125,827 shares in the last quarter. FMR LLC increased its position in shares of Fortrea by 67.7% in the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock valued at $150,819,000 after purchasing an additional 3,265,402 shares during the last quarter. Corvex Management LP raised its holdings in shares of Fortrea by 56.7% in the 4th quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock valued at $64,919,000 after purchasing an additional 1,260,156 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Fortrea during the 4th quarter worth $7,787,000. Finally, Starboard Value LP grew its stake in shares of Fortrea by 5.0% during the third 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.

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.