Fortrea (NASDAQ:FTRE - Get Free Report) had its price target lowered by Evercore ISI from $20.00 to $15.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "in-line" rating on the stock. Evercore ISI's price objective suggests a potential upside of 40.45% from the company's previous close.
A number of other research firms also recently commented on FTRE. TD Cowen lifted their target price on Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a report on Monday, November 11th. Baird R W cut shares of Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Friday, December 6th. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a report on Tuesday. Robert W. Baird cut shares of Fortrea from an "outperform" rating to a "neutral" rating and reduced their target price for the stock from $28.00 to $25.00 in a report on Friday, December 6th. Finally, Barclays lowered their price target on shares of Fortrea from $25.00 to $12.00 and set an "equal weight" rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $20.30.
Read Our Latest Report on FTRE
Fortrea Stock Performance
Fortrea stock traded down $0.01 during mid-day trading on Tuesday, reaching $10.68. 2,145,230 shares of the company traded hands, compared to its average volume of 1,484,667. The firm's fifty day moving average is $16.33 and its two-hundred day moving average is $18.89. The company has a market capitalization of $958.00 million, a price-to-earnings ratio of -3.12, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. Fortrea has a fifty-two week low of $9.55 and a fifty-two week 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.
Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. During the same period in the previous year, the company earned $0.19 earnings per share. On average, equities research analysts expect that Fortrea will post 0.51 earnings per share for the current fiscal year.
Insider Transactions at Fortrea
In related news, CEO Thomas Pike sold 11,268 shares of the company's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 12,386 shares of company stock valued at $219,751 in the last three months. 0.12% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Fortrea
Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of Fortrea by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company's stock worth $7,288,000 after purchasing an additional 63,766 shares in 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 worth $168,000,000 after buying an additional 400,000 shares in the last quarter. State Street Corp raised its position in shares of Fortrea by 7.7% in the third quarter. State Street Corp now owns 3,250,693 shares of the company's stock valued at $65,014,000 after buying an additional 233,577 shares during the last quarter. Mutual of America Capital Management LLC raised its position in shares of Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company's stock valued at $9,909,000 after buying an additional 40,748 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its stake in shares of Fortrea by 20.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,197,696 shares of the company's stock worth $23,954,000 after buying an additional 204,021 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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