Fortrea Holdings Inc. (NASDAQ:FTRE) Given Average Rating of “Reduce” by Brokerages

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have received a consensus rating of “Reduce” from the twelve research firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $23.30.

Several analysts have recently issued reports on the company. TD Cowen increased their target price on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Evercore ISI reduced their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Robert W. Baird lowered Fortrea from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $28.00 to $25.00 in a research note on Friday, December 6th. Finally, Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $18.31 on Tuesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The stock’s fifty day moving average price is $19.90 and its two-hundred day moving average price is $21.37. Fortrea has a one year low of $16.53 and a one year high of $41.02. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -5.35, a P/E/G ratio of 3.02 and a beta of 1.24.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period last year, the company posted $0.24 earnings per share. On average, equities analysts forecast that Fortrea will post 0.57 EPS for the current year.

Hedge Funds Weigh In On Fortrea

Large investors have recently bought and sold shares of the company. Hara Capital LLC bought a new position in Fortrea in the third quarter valued at about $29,000. University of Texas Texas AM Investment Management Co. raised its position in Fortrea by 125.0% in the second 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 during the last quarter. Covestor Ltd raised its position in Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock valued at $55,000 after purchasing an additional 1,398 shares during the last quarter. Raleigh Capital Management Inc. bought a new position in Fortrea in the third quarter valued at about $57,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 shares during 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.