Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report)’s stock price dropped 5.3% during trading on Thursday . The stock traded as low as $17.19 and last traded at $17.52. Approximately 1,334,856 shares changed hands during trading, an increase of 5% from the average daily volume of 1,272,530 shares. The stock had previously closed at $18.51.
Analyst Ratings Changes
A number of research firms have issued reports on FTRE. Citigroup cut their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Barclays cut their price target on shares of Fortrea from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and reduced their target price for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Wednesday, September 11th. Finally, Evercore ISI lowered their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $23.60.
Check Out Our Latest Stock Report on FTRE
Fortrea Stock Down 0.2 %
Fortrea (NASDAQ:FTRE – Get Free Report) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter in the previous year, the company earned $0.52 earnings per share. The business’s quarterly revenue was down 8.6% on a year-over-year basis. As a group, research analysts forecast that Fortrea Holdings Inc. will post 0.59 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the business. Sei Investments Co. raised its holdings in shares of Fortrea by 311.2% during the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after acquiring an additional 59,690 shares in the last quarter. Jennison Associates LLC bought a new position in Fortrea in the first quarter worth about $6,560,000. First Eagle Investment Management LLC lifted its holdings in Fortrea by 171.6% in the first quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock worth $10,793,000 after buying an additional 169,882 shares during the period. Mutual of America Capital Management LLC boosted its position in Fortrea by 31.6% during the 1st quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company’s stock valued at $14,740,000 after acquiring an additional 88,159 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Fortrea by 466.0% during the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock worth $3,309,000 after acquiring an additional 67,865 shares during the period.
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.
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