Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) Target Price at $19.00

Fortrea Holdings Inc. (NASDAQ:FTRE) has been given a consensus recommendation of “Reduce” by the twelve analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation and eleven have given a hold recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $19.00.

Several equities research analysts have recently weighed in on the company. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. The Goldman Sachs Group cut their price objective on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Evercore ISI lowered their target price on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a report on Tuesday, March 4th. Barclays dropped their target price on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Finally, Citigroup lowered shares of Fortrea from a “buy” rating to a “neutral” rating and reduced their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $6.46 on Friday. Fortrea has a one year low of $6.10 and a one year high of $40.57. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The business has a fifty day simple moving average of $12.28 and a 200 day simple moving average of $16.97. The firm has a market capitalization of $582.69 million, a price-to-earnings ratio of -1.89, a PEG ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. During the same period in the previous year, the business posted $0.19 earnings per share. Sell-side analysts expect that Fortrea will post 0.51 EPS for the current year.

Insider Activity

In other news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders sold 13,029 shares of company stock valued at $226,168. Company insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FTRE. Charles Schwab Investment Management Inc. raised its stake in shares of Fortrea by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company’s stock worth $11,809,000 after buying an additional 29,285 shares during the last quarter. FMR LLC raised its position in shares of Fortrea by 91.6% during the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company’s stock valued at $96,428,000 after acquiring an additional 2,304,677 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Fortrea by 192.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,918 shares of the company’s stock valued at $9,458,000 after purchasing an additional 311,018 shares during the period. Financial Counselors Inc. boosted its position in shares of Fortrea by 1.4% in the 3rd quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock worth $1,955,000 after purchasing an additional 1,395 shares during the last quarter. Finally, Capstone Investment Advisors LLC grew its stake in shares of Fortrea by 120.7% during the third quarter. Capstone Investment Advisors LLC now owns 23,534 shares of the company’s stock worth $471,000 after purchasing an additional 12,871 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.