Fortrea (NASDAQ:FTRE) Lowered to “Neutral” Rating by Citigroup

Fortrea (NASDAQ:FTRE) was downgraded by equities research analysts at Citigroup from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday,Finviz reports. They presently have a $23.00 price target on the stock, down from their previous price target of $30.00. Citigroup’s price objective would indicate a potential upside of 8.75% from the company’s current price.

Several other equities analysts have also commented on the company. Barclays raised their price objective on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 20th. Baird R W downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Evercore ISI lowered their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Finally, TD Cowen upped their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the stock. According to MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus price target of $23.30.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $21.15 on Wednesday. Fortrea has a 1 year low of $16.53 and a 1 year high of $41.02. The stock has a market capitalization of $1.90 billion, a P/E ratio of -6.18, a P/E/G ratio of 3.27 and a beta of 1.14. The company’s 50-day moving average is $19.60 and its 200 day moving average is $22.27. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Fortrea (NASDAQ:FTRE) last posted its 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). The firm had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the company posted $0.24 EPS. On average, sell-side analysts expect that Fortrea will post 0.57 earnings per share for the current year.

Institutional Trading of Fortrea

A number of institutional investors and hedge funds have recently modified their holdings of FTRE. Geode Capital Management LLC lifted its holdings in shares of Fortrea by 1.4% during the third quarter. Geode Capital Management LLC now owns 1,502,546 shares of the company’s stock valued at $30,059,000 after purchasing an additional 20,825 shares in the last quarter. State Street Corp lifted its stake in Fortrea by 7.7% during the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after acquiring an additional 233,577 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in Fortrea by 25.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock valued at $22,712,000 after acquiring an additional 227,109 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Fortrea by 2.0% during the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock valued at $825,000 after acquiring an additional 792 shares during the last quarter. Finally, Centiva Capital LP bought a new stake in shares of Fortrea in the third quarter worth approximately $220,000.

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.