Mizuho Lowers Fortrea (NASDAQ:FTRE) Price Target to $10.00

Fortrea (NASDAQ:FTRE - Free Report) had its target price reduced by Mizuho from $12.00 to $10.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also commented on FTRE. Barclays dropped their price objective on shares of Fortrea from $25.00 to $12.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 4th. Evercore ISI dropped their price target on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research report on Tuesday, March 4th. The Goldman Sachs Group reduced their price objective on Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Citigroup downgraded Fortrea from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Finally, William Blair restated a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $16.70.

Fortrea Stock Up 0.2 %

Fortrea stock traded up $0.01 during trading hours on Wednesday, hitting $5.19. 528,395 shares of the stock traded hands, compared to its average volume of 1,586,465. Fortrea has a one year low of $4.92 and a one year high of $39.49. The firm's 50-day moving average price is $10.77 and its two-hundred day moving average price is $16.18. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The company has a market cap of $468.14 million, a PE ratio of -1.52, a PEG ratio of 1.78 and a beta of 2.10.

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Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.18). The firm had revenue of $697.00 million during the quarter, compared to analysts' expectations of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the previous year, the company earned $0.19 earnings per share. On average, research analysts forecast that Fortrea will post 0.51 EPS for the current year.

Institutional Investors Weigh In On Fortrea

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its position in Fortrea by 6,216.1% during the first quarter. GAMMA Investing LLC now owns 59,245 shares of the company's stock valued at $447,000 after acquiring an additional 58,307 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Fortrea in the fourth quarter worth about $35,000. PharVision Advisers LLC bought a new stake in Fortrea during the 4th quarter worth approximately $345,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Fortrea by 2.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,034 shares of the company's stock valued at $4,756,000 after buying an additional 5,691 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new stake in Fortrea during the fourth quarter valued at about $388,000.

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.