Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Consensus Recommendation of “Reduce” from Brokerages

Fortrea Holdings Inc. (NASDAQ:FTRE) has been assigned an average rating of “Reduce” from the twelve research firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating and eleven have issued a hold rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $20.30.

FTRE has been the topic of a number of research analyst reports. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. Baird R W downgraded shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. The Goldman Sachs Group decreased their price target on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday. Evercore ISI lowered their price objective on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research note on Tuesday. Finally, TD Cowen upped their target price on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th.

Fortrea Price Performance

Shares of FTRE opened at $10.96 on Wednesday. The company has a 50 day moving average of $16.81 and a two-hundred day moving average of $19.09. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a twelve month low of $9.55 and a twelve month high of $41.02. The company has a market cap of $983.11 million, a price-to-earnings ratio of -3.20, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share 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 during the quarter, compared to analyst estimates of $703.22 million. During the same period in the previous year, the business earned $0.19 EPS. As a group, analysts predict that Fortrea will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders have sold 12,386 shares of company stock valued at $219,751. Company insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Fortrea

Institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Fortrea by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after acquiring an additional 572 shares during the period. Janus Henderson Group PLC raised its holdings in Fortrea by 2.0% in the 3rd quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after purchasing an additional 792 shares during the period. Willis Investment Counsel boosted its position in Fortrea by 0.6% during the fourth quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock worth $3,459,000 after purchasing an additional 1,138 shares in the last quarter. Cullen Frost Bankers Inc. grew its holdings in Fortrea by 31.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock valued at $105,000 after purchasing an additional 1,361 shares during the period. Finally, Financial Counselors Inc. lifted its position in shares of Fortrea by 1.4% during the 3rd quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock valued at $1,955,000 after buying an additional 1,395 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.