Fortrea’s (FTRE) Market Perform Rating Reaffirmed at William Blair

Fortrea (NASDAQ:FTRE)‘s stock had its “market perform” rating reissued by research analysts at William Blair in a research report issued on Tuesday,Benzinga reports.

Several other equities research analysts also recently commented on FTRE. Barclays lowered their price objective on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday. TD Cowen lifted their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Robert W. Baird lowered Fortrea from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $28.00 to $25.00 in a report on Friday, December 6th. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Finally, Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and dropped their target price for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $22.00.

Fortrea Stock Down 25.1 %

NASDAQ:FTRE opened at $10.38 on Tuesday. The company’s 50-day simple moving average is $16.81 and its 200-day simple moving average is $19.09. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. Fortrea has a fifty-two week low of $9.55 and a fifty-two week high of $41.02. The stock has a market capitalization of $931.09 million, a P/E ratio of -3.04, a P/E/G ratio of 1.78 and a beta of 1.20.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results 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). The business had revenue of $697.00 million for the quarter, compared to analysts’ expectations of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter in the previous year, the firm posted $0.19 EPS. On average, equities analysts anticipate that Fortrea will post 0.51 earnings per share for the current fiscal year.

Insider Transactions at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 12,386 shares of company stock valued at $219,751 in the last 90 days. 0.12% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTRE. 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 position in Fortrea by 2.0% during the third quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock worth $825,000 after acquiring an additional 792 shares during the period. Willis Investment Counsel raised its position in shares of Fortrea by 0.6% during the 4th 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 during the last quarter. Cullen Frost Bankers Inc. lifted its position in shares of 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 acquiring an additional 1,361 shares in the last quarter. Finally, Financial Counselors Inc. boosted its stake in shares of Fortrea by 1.4% in the third quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock worth $1,955,000 after acquiring an additional 1,395 shares during the last quarter.

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.