Analysts Set Fortrea Holdings Inc. (NASDAQ:FTRE) Target Price at $24.50

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) has been given an average recommendation of "Hold" by the twelve analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $24.50.

A number of research firms have weighed in on FTRE. Evercore ISI lowered their target price on Fortrea from $22.00 to $20.00 and set an "in-line" rating for the company in a report on Tuesday, October 8th. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a research report on Friday, November 8th. TD Cowen lifted their target price on Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a research note on Monday, November 11th. Bank of America decreased their price target on shares of Fortrea from $26.00 to $21.00 and set an "underperform" rating for the company in a research report on Tuesday, August 13th. Finally, Citigroup reduced their price objective on shares of Fortrea from $42.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday, August 13th.

Fortrea Stock Up 5.9 %

Shares of FTRE stock traded up $1.16 during mid-day trading on Monday, hitting $20.89. The stock had a trading volume of 1,398,074 shares, compared to its average volume of 1,290,608. 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's 50-day moving average is $19.51 and its two-hundred day moving average is $22.72. The firm has a market capitalization of $1.87 billion, a P/E ratio of -6.11, a price-to-earnings-growth ratio of 2.98 and a beta of 0.70.

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

Hedge Funds Weigh In On Fortrea

Institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. raised its holdings in shares of Fortrea by 5,021,169.7% during the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company's stock worth $122,519,000 after purchasing an additional 6,125,827 shares during the last quarter. Baupost Group LLC MA grew its position in Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company's stock worth $73,296,000 after purchasing an additional 2,836,563 shares during the period. FMR LLC raised its stake in shares of Fortrea by 91.6% during the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company's stock valued at $96,428,000 after buying an additional 2,304,677 shares during the last quarter. Magnetar Financial LLC lifted its holdings in shares of Fortrea by 228.6% in the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company's stock valued at $46,350,000 after buying an additional 1,381,489 shares during the period. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of Fortrea in the second quarter worth about $23,192,000.

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.