Fortrea (NASDAQ:FTRE) Price Target Raised to $25.00

Fortrea (NASDAQ:FTRE) had its target price raised by Barclays from $20.00 to $25.00 in a report published on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other analysts have also recently commented on FTRE. The Goldman Sachs Group dropped 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. Deutsche Bank Aktiengesellschaft lowered their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 20th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. Bank of America reduced their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Finally, Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and reduced their price target for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortrea presently has a consensus rating of “Hold” and a consensus target price of $24.50.

Fortrea Price Performance

Fortrea stock opened at $21.28 on Monday. Fortrea has a one year low of $16.53 and a one year high of $41.02. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.19 and a current ratio of 1.18. The business has a fifty day moving average of $19.69 and a two-hundred day moving average of $23.77. The company has a market cap of $1.91 billion, a P/E ratio of -6.22, a price-to-earnings-growth ratio of 3.31 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last announced its quarterly 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). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. During the same quarter in the prior year, the business earned $0.24 EPS. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, analysts predict that Fortrea will post 0.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

A number of institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. grew its stake in Fortrea by 5,021,169.7% during the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after buying an additional 6,125,827 shares during the last quarter. Baupost Group LLC MA lifted its holdings in shares of Fortrea by 933.7% in the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after buying an additional 2,836,563 shares during the period. FMR LLC boosted its position in shares of Fortrea by 91.6% in the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after purchasing an additional 2,304,677 shares during the period. Magnetar Financial LLC boosted its position in shares of Fortrea by 228.6% in the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock valued at $46,350,000 after purchasing an additional 1,381,489 shares during the period. Finally, Diamond Hill Capital Management Inc. acquired a new position in shares of Fortrea in the 2nd quarter valued at $23,192,000.

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.