Deutsche Bank Aktiengesellschaft Lowers Fortrea (NASDAQ:FTRE) Price Target to $23.00

Fortrea (NASDAQ:FTRE) had its price target dropped by analysts at Deutsche Bank Aktiengesellschaft from $28.00 to $23.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 3.84% from the stock’s previous close.

FTRE has been the topic of several other research reports. Citigroup cut their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. TD Cowen lowered their price target on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Mizuho began coverage on shares of Fortrea in a research report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price objective on the stock. Evercore ISI cut shares of Fortrea from an “outperform” rating to an “in-line” rating and decreased their target price for the stock from $31.00 to $27.00 in a research report on Thursday, August 8th. Finally, Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortrea presently has an average rating of “Hold” and a consensus target price of $27.20.

Fortrea Stock Performance

Shares of FTRE opened at $22.15 on Tuesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.47 and a quick ratio of 1.47. Fortrea has a 12-month low of $18.07 and a 12-month high of $41.02. The business’s fifty day moving average price is $24.55 and its 200 day moving average price is $30.93. The stock has a market capitalization of $1.98 billion and a PE ratio of -15.98.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The business had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same period last year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was down 8.6% on a year-over-year basis. Equities research analysts forecast that Fortrea will post 0.72 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel James S. Hanson purchased 2,000 shares of the stock in a transaction dated Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the transaction, the general counsel now owns 7,475 shares in the company, valued at $189,117.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fortrea news, CEO Thomas Pike bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were acquired at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the acquisition, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at $1,434,687.87. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel James S. Hanson bought 2,000 shares of Fortrea stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average price of $25.30 per share, with a total value of $50,600.00. Following the completion of the acquisition, the general counsel now directly owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The disclosure for this purchase can be found here. 0.12% of the stock is currently owned by insiders.

Institutional Trading of Fortrea

Large investors have recently added to or reduced their stakes in the business. Glassman Wealth Services bought a new stake in Fortrea during the fourth quarter worth approximately $28,000. Concord Wealth Partners boosted its holdings in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after buying an additional 521 shares in the last quarter. Parallel Advisors LLC bought a new stake in Fortrea during the fourth quarter worth approximately $36,000. nVerses Capital LLC bought a new stake in Fortrea during the second quarter worth approximately $26,000. Finally, Gladius Capital Management LP bought a new stake in Fortrea during the fourth quarter worth approximately $39,000.

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.