Fortrea (NASDAQ:FTRE) Stock Rating Lowered by Jefferies Financial Group

Jefferies Financial Group cut shares of Fortrea (NASDAQ:FTRE) from a buy rating to a hold rating in a research report report published on Wednesday, Marketbeat reports. They currently have $21.00 price target on the stock, down from their previous price target of $25.00.

A number of other equities research analysts also recently weighed in on the company. Mizuho started coverage on Fortrea in a research report on Tuesday, May 28th. They set a neutral rating and a $27.00 target price for the company. Bank of America reduced their target price on shares of Fortrea from $26.00 to $21.00 and set an underperform rating on the stock in a research note on Tuesday, August 13th. Barclays dropped their price target on shares of Fortrea from $30.00 to $21.00 and set an equal weight rating for the company in a research note on Tuesday, August 13th. Evercore ISI cut shares of Fortrea from an outperform rating to an in-line rating and reduced their price objective for the company from $31.00 to $27.00 in a research note on Thursday, August 8th. Finally, TD Cowen dropped their target price 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $24.90.

Fortrea Stock Up 0.2 %

NASDAQ FTRE opened at $19.84 on Wednesday. The stock’s 50 day simple moving average is $23.15 and its 200 day simple moving average is $28.31. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. Fortrea has a one year low of $18.07 and a one year high of $41.02. The firm has a market cap of $1.77 billion, a PE ratio of -14.27, a price-to-earnings-growth ratio of 2.21 and a beta of 0.56.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm’s revenue was down 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. As a group, sell-side analysts forecast that Fortrea will post 0.6 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTRE. Vanguard Group Inc. bought a new stake in shares of Fortrea in the fourth quarter worth about $347,110,000. Baupost Group LLC MA increased its stake in Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after purchasing an additional 2,836,563 shares in the last quarter. Gates Capital Management Inc. acquired a new stake in Fortrea during the 4th quarter worth approximately $67,859,000. Magnetar Financial LLC lifted its stake in Fortrea by 228.6% in the second quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock valued at $46,350,000 after buying an additional 1,381,489 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. acquired a new position in shares of Fortrea in the second quarter valued at approximately $23,192,000.

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.