Fortrea (NASDAQ:FTRE - Get Free Report) had its target price hoisted by equities researchers at Barclays from $20.00 to $25.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's price objective points to a potential upside of 9.89% from the company's previous close.
A number of other research firms have also recently commented on FTRE. TD Cowen reduced their price objective on Fortrea from $27.00 to $23.00 and set a "hold" rating for the company in a research report on Tuesday, August 13th. Jefferies Financial Group cut shares of Fortrea from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating for the company in a research report on Tuesday, August 20th. Citigroup dropped their price target on shares of Fortrea from $42.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, August 13th. Finally, The Goldman Sachs Group reduced their price objective on Fortrea from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $24.50.
Check Out Our Latest Stock Analysis on FTRE
Fortrea Stock Performance
FTRE traded down $0.75 during midday trading on Monday, hitting $22.75. 1,886,701 shares of the company traded hands, compared to its average volume of 1,300,510. The company's 50-day moving average is $19.70 and its 200 day moving average is $23.99. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $2.04 billion, a PE ratio of -7.10, a price-to-earnings-growth ratio of 3.78 and a beta of 0.70. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02.
Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned $0.24 EPS. On average, research analysts expect that Fortrea will post 0.59 EPS for the current year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC purchased a new position in shares of Fortrea in the second quarter valued at $26,000. Hara Capital LLC bought a new stake in shares of Fortrea in the 3rd quarter worth about $29,000. Gladius Capital Management LP purchased a new stake in shares of Fortrea during the 2nd quarter valued at about $30,000. Blue Trust Inc. lifted its holdings in shares of Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company's stock valued at $35,000 after acquiring an additional 1,434 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. grew 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 worth $53,000 after acquiring an additional 1,250 shares in the last quarter.
About Fortrea
(
Get Free Report)
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.
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