Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) has been assigned a consensus recommendation of "Reduce" from the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. One 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 brokers that have issued a report on the stock in the last year is $23.30.
A number of analysts recently commented on the company. TD Cowen raised their price target on Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a research note on Monday, November 11th. The Goldman Sachs Group reduced their price target on shares of Fortrea from $26.00 to $23.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 8th. Citigroup lowered shares of Fortrea from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Barclays upped their target price on Fortrea from $20.00 to $25.00 and gave the stock an "equal weight" rating in a report on Monday, November 11th. Finally, William Blair restated a "market perform" rating on shares of Fortrea in a research report on Friday, November 8th.
Get Our Latest Analysis on Fortrea
Insiders Place Their Bets
In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now owns 159,868 shares of the company's stock, valued at $2,884,018.72. The trade was a 6.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.12% of the company's stock.
Institutional Trading of Fortrea
Institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Fortrea by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock valued at $7,288,000 after buying an additional 63,766 shares during the last quarter. Penn Davis Mcfarland Inc. increased its holdings in shares of Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company's stock worth $21,944,000 after purchasing an additional 508,664 shares in the last quarter. Starboard Value LP raised its stake in shares of Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock worth $168,000,000 after purchasing an additional 400,000 shares during the last quarter. State Street Corp lifted its holdings in shares of Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company's stock valued at $65,014,000 after purchasing an additional 233,577 shares in the last quarter. Finally, Mutual of America Capital Management LLC increased its holdings in Fortrea by 9.0% in the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company's stock worth $9,909,000 after buying an additional 40,748 shares in the last quarter.
Fortrea Trading Down 0.7 %
FTRE traded down $0.12 during trading on Tuesday, hitting $17.69. 497,588 shares of the stock traded hands, compared to its average volume of 892,035. The firm has a market capitalization of $1.59 billion, a P/E ratio of -5.17, a price-to-earnings-growth ratio of 2.04 and a beta of 1.24. Fortrea has a 12-month low of $16.53 and a 12-month high of $41.02. 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 firm has a 50-day moving average of $19.93 and a 200 day moving average of $21.25.
Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). The firm had revenue of $674.90 million for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.24 earnings per share. Equities research analysts anticipate that Fortrea will post 0.51 EPS for the current year.
About Fortrea
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Get Free ReportFortrea 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.
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