Fortrea (NASDAQ:FTRE - Get Free Report) had its target price reduced by equities research analysts at The Goldman Sachs Group from $22.00 to $11.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. The Goldman Sachs Group's price target would suggest a potential upside of 3.00% from the stock's current price.
A number of other equities research analysts also recently weighed in on FTRE. Citigroup downgraded shares of Fortrea from a "buy" rating to a "neutral" rating and lowered their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. TD Cowen raised their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a "hold" rating in a research report on Monday, November 11th. William Blair reaffirmed a "market perform" rating on shares of Fortrea in a report on Tuesday. Robert W. Baird cut Fortrea from an "outperform" rating to a "neutral" rating and reduced their target price for the company from $28.00 to $25.00 in a research note on Friday, December 6th. Finally, Baird R W lowered Fortrea from a "strong-buy" rating to a "hold" rating in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $20.30.
Get Our Latest Analysis on FTRE
Fortrea Price Performance
Shares of FTRE traded down $0.01 during mid-day trading on Tuesday, reaching $10.68. 2,145,230 shares of the stock traded hands, compared to its average volume of 1,484,667. The company has a market cap 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 1 year low of $9.55 and a 1 year high of $41.02. The firm has a fifty day moving average price of $16.33 and a 200 day moving average price of $18.89. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.
Fortrea (NASDAQ:FTRE - Get Free Report) last posted its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $697.00 million for the quarter, compared to analysts' expectations of $703.22 million. During the same quarter in the previous year, the firm earned $0.19 earnings per share. As a group, equities research analysts predict that Fortrea will post 0.51 earnings per share for the current year.
Insider Activity
In other news, CEO Thomas Pike sold 11,268 shares of the firm's stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 12,386 shares of company stock valued at $219,751. Insiders own 0.12% of the company's stock.
Institutional Investors Weigh In On Fortrea
Institutional investors have recently added to or reduced their stakes in the company. Hara Capital LLC bought a new position in shares of Fortrea during the third quarter valued at about $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Fortrea during the 4th quarter valued at about $30,000. GF Fund Management CO. LTD. bought a new position in Fortrea during the 4th quarter valued at approximately $35,000. Covestor Ltd lifted its holdings in Fortrea by 102.4% in the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company's stock worth $55,000 after buying an additional 1,398 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company's stock worth $64,000 after buying an additional 572 shares during 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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