Fortrea Holdings Inc. (NASDAQ:FTRE) Given Average Rating of “Reduce” by Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has received an average rating of “Reduce” from the twelve brokerages that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation and eleven have issued a hold recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $23.30.

Several equities analysts have recently weighed in on the company. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $28.00 to $25.00 in a report on Friday, December 6th. Barclays increased their price target on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and lowered their price target for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Finally, TD Cowen increased their price target on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th.

Fortrea Stock Performance

FTRE stock opened at $14.97 on Friday. The stock’s 50 day simple moving average is $17.99 and its 200 day simple moving average is $19.96. The stock has a market capitalization of $1.34 billion, a PE ratio of -4.38, a price-to-earnings-growth ratio of 1.76 and a beta of 1.20. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 12-month low of $14.27 and a 12-month high of $41.02.

Insiders Place Their Bets

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 12,386 shares of company stock worth $219,751. Corporate insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Fortrea

A number of institutional investors have recently bought and sold shares of FTRE. Hara Capital LLC purchased a new stake in Fortrea in the 3rd quarter worth $29,000. Covestor Ltd grew its position in shares of Fortrea by 102.4% during the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after purchasing an additional 1,398 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in shares of Fortrea during the third quarter valued at about $57,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Fortrea by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 shares in the last quarter. Finally, Quarry LP grew its position in shares of Fortrea by 1,218.7% during the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $81,000 after purchasing an additional 4,034 shares in the last quarter.

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.