Fortrea (NASDAQ:FTRE) Price Target Raised to $30.00 at Robert W. Baird

Fortrea (NASDAQ:FTRE - Free Report) had its target price upped by Robert W. Baird from $28.00 to $30.00 in a report issued on Monday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

FTRE has been the subject of a number of other research reports. Citigroup dropped their target price on shares of Fortrea from $42.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, August 13th. TD Cowen lowered their price objective on Fortrea from $27.00 to $23.00 and set a "hold" rating on the stock in a research note on Tuesday, August 13th. Barclays lowered their price target on shares of Fortrea from $21.00 to $20.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 15th. Evercore ISI dropped their price target on shares of Fortrea from $22.00 to $20.00 and set an "in-line" rating for the company in a research note on Tuesday, October 8th. Finally, Bank of America reduced their target price on Fortrea from $26.00 to $21.00 and set an "underperform" rating on the stock in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Fortrea currently has an average rating of "Hold" and an average price target of $24.50.

Fortrea Price Performance

NASDAQ:FTRE traded down $0.50 during trading hours on Monday, reaching $23.00. 1,191,284 shares of the company were exchanged, compared to its average volume of 1,297,320. The stock's 50-day moving average is $19.70 and its 200-day moving average is $23.99. Fortrea has a twelve month low of $16.53 and a twelve month high of $41.02. The firm has a market cap of $2.06 billion, a PE ratio of -7.10, a price-to-earnings-growth ratio of 3.78 and a beta of 0.70. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued 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 negative net margin of 10.09% and a positive return on equity of 1.98%. The company had revenue of $674.90 million during the quarter, compared to analysts' expectations of $674.86 million. During the same period in the prior year, the business posted $0.24 earnings per share. The company's quarterly revenue was down 5.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortrea will post 0.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. nVerses Capital LLC acquired a new stake in Fortrea in the 2nd quarter valued at about $26,000. Hara Capital LLC purchased a new position in Fortrea in the third quarter worth approximately $29,000. Gladius Capital Management LP acquired a new position in Fortrea during the 2nd quarter worth approximately $30,000. Blue Trust Inc. increased its position in shares of Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company's stock valued at $35,000 after purchasing an additional 1,434 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. raised its holdings in shares of Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company's stock valued at $53,000 after purchasing an additional 1,250 shares in the last quarter.

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.