Robert W. Baird Downgrades Fortrea (NASDAQ:FTRE) to Neutral

Fortrea (NASDAQ:FTRE - Get Free Report) was downgraded by Robert W. Baird from an "outperform" rating to a "neutral" rating in a report released on Friday, Marketbeat reports. They presently have a $25.00 target price on the stock, down from their prior target price of $28.00. Robert W. Baird's price target points to a potential upside of 15.37% from the company's current price.

A number of other research firms also recently issued reports on FTRE. Bank of America lowered their price target on Fortrea from $26.00 to $21.00 and set an "underperform" rating for the company in a research report on Tuesday, August 13th. The Goldman Sachs Group reduced their price target on shares of Fortrea from $26.00 to $23.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 8th. Barclays upped their price target on shares of Fortrea from $20.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, November 11th. Citigroup lowered their target price on Fortrea from $42.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday, August 13th. Finally, TD Cowen boosted their price target on Fortrea from $23.00 to $25.00 and gave the stock a "hold" rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Fortrea presently has a consensus rating of "Hold" and an average target price of $24.00.

Fortrea Trading Down 8.1 %

Fortrea stock traded down $1.90 during trading on Friday, hitting $21.67. The company's stock had a trading volume of 2,059,026 shares, compared to its average volume of 1,292,693. The stock's fifty day moving average is $19.48 and its 200 day moving average is $22.42. Fortrea has a 1-year low of $16.53 and a 1-year high of $41.02. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of -6.43, a P/E/G ratio of 3.26 and a beta of 1.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business's revenue for the quarter was down 5.4% on a year-over-year basis. During the same period last year, the company posted $0.24 EPS. As a group, equities research analysts predict that Fortrea will post 0.57 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC acquired a new position in Fortrea in the second quarter worth about $26,000. Hara Capital LLC bought a new stake in shares of Fortrea in the 3rd quarter valued at approximately $29,000. Gladius Capital Management LP acquired a new stake in shares of Fortrea during the 2nd quarter valued at approximately $30,000. Blue Trust Inc. lifted its stake in Fortrea by 2,515.8% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the company's stock worth $35,000 after purchasing an additional 1,434 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. boosted its holdings in Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company's stock worth $53,000 after purchasing an additional 1,250 shares during the period.

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.