Fortrea Holdings Inc. (NASDAQ:FTRE) Receives $23.30 Average Target Price from Analysts

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) have received a consensus recommendation of "Reduce" from the twelve research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $23.30.

A number of research analysts recently weighed in on the company. Citigroup downgraded Fortrea from a "buy" rating to a "neutral" rating and cut their price objective for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Barclays raised their target price on Fortrea from $20.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, November 11th. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a report on Friday, November 8th. Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a report on Friday, December 6th. Finally, Robert W. Baird lowered Fortrea from an "outperform" rating to a "neutral" rating and decreased their price objective for the stock from $28.00 to $25.00 in a report on Friday, December 6th.

Insider Transactions at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the business's 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 directly owns 159,868 shares of the company's stock, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.12% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hara Capital LLC acquired a new position in shares of Fortrea during the third quarter worth about $29,000. Covestor Ltd raised its holdings in Fortrea by 102.4% during the third quarter. Covestor Ltd now owns 2,763 shares of the company's stock worth $55,000 after acquiring an additional 1,398 shares in the last quarter. Raleigh Capital Management Inc. bought a new stake in Fortrea during the third quarter worth about $57,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Fortrea by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company's stock worth $64,000 after acquiring an additional 572 shares in the last quarter. Finally, Cullen Frost Bankers Inc. raised its holdings in Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company's stock worth $105,000 after acquiring an additional 1,361 shares in the last quarter.

Fortrea Stock Up 1.1 %

Fortrea stock traded up $0.16 during mid-day trading on Friday, hitting $15.07. The company's stock had a trading volume of 1,439,768 shares, compared to its average volume of 1,146,018. Fortrea has a 52-week low of $14.27 and a 52-week high of $41.02. The firm's 50 day moving average is $18.74 and its 200 day moving average is $20.29. 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 company has a market cap of $1.35 billion, a PE ratio of -4.41, a price-to-earnings-growth ratio of 1.76 and a beta of 1.20.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly 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). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm 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 earned $0.24 earnings per share. The firm's revenue for the quarter was down 5.4% on a year-over-year basis. On average, analysts anticipate that Fortrea will post 0.51 earnings per share for the current year.

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.