Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Average Rating of "Reduce" from Analysts

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) have received an average recommendation of "Reduce" from the twelve brokerages 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 target price among analysts that have issued a report on the stock in the last year is $19.00.

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group decreased their price objective on shares of Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a report on Friday, December 6th. Evercore ISI reduced their price objective on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a report on Tuesday, March 4th. Barclays lowered their target price on Fortrea from $25.00 to $12.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. Finally, Robert W. Baird set a $12.00 price target on Fortrea in a research report on Tuesday, March 4th.

Insider Activity

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 13,029 shares of company stock worth $226,168. Corporate insiders own 0.12% of the company's stock.

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Institutional Trading of Fortrea

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Fortrea by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company's stock valued at $184,341,000 after buying an additional 120,599 shares during the last quarter. Starboard Value LP grew its holdings in shares of Fortrea by 5.0% during the third quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock valued at $168,000,000 after buying an additional 400,000 shares during the last quarter. FMR LLC grew its stake in Fortrea by 67.7% during the 4th quarter. FMR LLC now owns 8,086,806 shares of the company's stock valued at $150,819,000 after purchasing an additional 3,265,402 shares during the last quarter. Corvex Management LP lifted its holdings in shares of Fortrea by 56.7% during the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company's stock worth $64,919,000 after purchasing an additional 1,260,156 shares during the period. Finally, State Street Corp increased its holdings in Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company's stock worth $65,014,000 after buying an additional 233,577 shares during the period.

Fortrea Trading Down 8.9 %

Shares of NASDAQ:FTRE traded down $0.67 during trading hours on Friday, hitting $6.84. 335,436 shares of the company's stock traded hands, compared to its average volume of 1,523,793. The firm has a market capitalization of $616.97 million, a P/E ratio of -2.00, a price-to-earnings-growth ratio of 1.78 and a beta of 2.10. The business has a fifty day moving average price of $12.74 and a 200-day moving average price of $17.19. Fortrea has a 1 year low of $6.78 and a 1 year high of $40.57. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). The business had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period last year, the company earned $0.19 EPS. Equities analysts expect 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.