Fortrea (NASDAQ:FTRE) PT Lowered to $20.00

Fortrea (NASDAQ:FTRE) had its target price cut by investment analysts at Evercore ISI from $22.00 to $20.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s target price points to a potential upside of 4.44% from the company’s current price.

A number of other analysts have also recently weighed in on FTRE. TD Cowen decreased their price target on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Bank of America decreased their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research note on Tuesday, August 13th. Robert W. Baird lowered their price target on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Barclays reduced their price objective on Fortrea from $30.00 to $21.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 13th. Finally, Citigroup lowered their target price on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and a consensus target price of $23.70.

Fortrea Stock Performance

Shares of FTRE stock opened at $19.15 on Tuesday. The stock’s 50-day moving average is $21.93 and its two-hundred day moving average is $27.17. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. Fortrea has a 1 year low of $18.04 and a 1 year high of $41.02. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -13.78, a PEG ratio of 2.21 and a beta of 0.54.

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

Institutional Trading of Fortrea

Institutional investors have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Fortrea by 552.3% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 161,900 shares of the company’s stock valued at $3,779,000 after acquiring an additional 137,082 shares during the period. University of Texas Texas AM Investment Management Co. increased its holdings in shares of Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after purchasing an additional 1,250 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Fortrea in the 2nd quarter valued at about $331,000. Brandes Investment Partners LP lifted its stake in shares of Fortrea by 27.1% in the second quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company’s stock valued at $56,845,000 after purchasing an additional 519,344 shares during the period. Finally, William B. Walkup & Associates Inc. purchased a new stake in Fortrea during the second quarter worth about $219,000.

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.