Fortrea (NASDAQ:FTRE) Downgraded by Citigroup to Neutral

Citigroup downgraded shares of Fortrea (NASDAQ:FTRE - Free Report) from a buy rating to a neutral rating in a report published on Wednesday, MarketBeat reports. They currently have $23.00 price target on the stock, down from their prior price target of $30.00.

A number of other equities research analysts also recently commented on FTRE. Robert W. Baird downgraded Fortrea from an "outperform" rating to a "neutral" rating and cut their price objective for the company from $28.00 to $25.00 in a research report on Friday, December 6th. Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a research report on Friday, December 6th. Deutsche Bank Aktiengesellschaft cut their price objective on Fortrea from $28.00 to $23.00 and set a "hold" rating on the stock in a report on Tuesday, August 20th. TD Cowen raised their target price on shares of Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a report on Monday, November 11th. Finally, The Goldman Sachs Group cut their price target on shares of Fortrea from $26.00 to $23.00 and set a "neutral" rating on the stock in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $23.30.

Fortrea Price Performance

NASDAQ FTRE traded down $1.70 on Wednesday, reaching $19.45. 1,283,635 shares of the stock traded hands, compared to its average volume of 1,293,236. Fortrea has a 12 month low of $16.53 and a 12 month high of $41.02. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -6.18, a P/E/G ratio of 3.27 and a beta of 1.14. The firm's fifty day simple moving average is $19.60 and its 200 day simple moving average is $22.27. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) 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 analyst estimates of $674.86 million. During the same period in the previous year, the firm earned $0.24 earnings per share. Fortrea's revenue was down 5.4% on a year-over-year basis. As a group, research analysts predict that Fortrea will post 0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortrea

A number of hedge funds have recently added to or reduced their stakes in FTRE. Starboard Value LP raised its stake in shares of Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company's stock valued at $168,000,000 after acquiring an additional 400,000 shares in the last quarter. Sessa Capital IM L.P. raised its position in shares of Fortrea by 2.3% in the third quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company's stock valued at $138,161,000 after purchasing an additional 158,044 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company's stock worth $122,519,000 after buying an additional 6,125,827 shares during the last quarter. FMR LLC boosted its holdings in shares of Fortrea by 91.6% during the 3rd quarter. FMR LLC now owns 4,821,404 shares of the company's stock worth $96,428,000 after buying an additional 2,304,677 shares during the period. Finally, State Street Corp grew its stake in Fortrea by 7.7% in the 3rd 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.

Fortrea Company Profile

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.