Fortrea (NASDAQ:FTRE) Stock Rating Lowered by Jefferies Financial Group

Fortrea (NASDAQ:FTRE) was downgraded by research analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They currently have a $21.00 price target on the stock, down from their previous price target of $25.00. Jefferies Financial Group’s target price would suggest a potential upside of 6.06% from the stock’s current price.

Several other research analysts have also issued reports on FTRE. Robert W. Baird dropped their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Citigroup cut their price objective on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. Finally, Bank of America decreased their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $24.90.

Fortrea Price Performance

Shares of Fortrea stock opened at $19.80 on Wednesday. The stock has a 50 day moving average price of $23.28 and a 200-day moving average price of $28.49. Fortrea has a one year low of $18.07 and a one year high of $41.02. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -14.24, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The firm had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The company’s revenue was down 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. Equities analysts expect that Fortrea will post 0.6 EPS for the current year.

Hedge Funds Weigh In On Fortrea

Several institutional investors have recently bought and sold shares of FTRE. nVerses Capital LLC purchased a new stake in Fortrea during the second quarter worth $26,000. Gladius Capital Management LP purchased a new stake in shares of Fortrea during the 2nd quarter worth $30,000. Concord Wealth Partners boosted its position in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after purchasing an additional 521 shares in the last quarter. Blue Trust Inc. grew its stake in Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after purchasing an additional 1,434 shares during the last quarter. Finally, Parallel Advisors LLC bought a new position in Fortrea in the fourth quarter worth about $36,000.

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.