Barclays Reiterates Underweight Rating for Fortrea (NASDAQ:FTRE)

Fortrea (NASDAQ:FTRE - Get Free Report)'s stock had its "underweight" rating reissued by research analysts at Barclays in a report issued on Thursday, Marketbeat reports. They currently have a $6.00 price target on the stock, down from their previous price target of $12.00. Barclays's price objective points to a potential upside of 23.46% from the company's previous close.

Several other equities research analysts also recently commented on FTRE. William Blair reiterated a "market perform" rating on shares of Fortrea in a report on Tuesday, March 4th. Robert W. Baird set a $12.00 target price on shares of Fortrea in a research report on Tuesday, March 4th. The Goldman Sachs Group decreased their price target on Fortrea from $22.00 to $11.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Citigroup cut Fortrea from a "buy" rating to a "neutral" rating and cut their price objective for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, Evercore ISI dropped their price target on Fortrea from $20.00 to $15.00 and set an "in-line" rating on the stock in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $16.70.

Remove Ads

Fortrea Trading Down 9.3 %

FTRE traded down $0.50 on Thursday, reaching $4.86. 636,202 shares of the company's stock were exchanged, compared to its average volume of 1,587,736. Fortrea has a twelve month low of $4.85 and a twelve month high of $39.49. The company's 50 day moving average is $10.56 and its 200-day moving average is $16.08. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The company has a market cap of $438.37 million, a price-to-earnings ratio of -1.42, a PEG ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $697.00 million during the quarter, compared to analysts' expectations of $703.22 million. During the same period in the prior year, the business posted $0.19 EPS. Equities analysts predict that Fortrea will post 0.51 earnings per share for the current year.

Institutional Investors Weigh In On Fortrea

Large investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fortrea in the 4th quarter valued at approximately $30,000. GF Fund Management CO. LTD. acquired a new position in shares of Fortrea during the fourth quarter valued at $35,000. GAMMA Investing LLC raised its stake in shares of Fortrea by 736.6% during the first quarter. GAMMA Investing LLC now owns 7,847 shares of the company's stock valued at $59,000 after purchasing an additional 6,909 shares in the last quarter. Covestor Ltd lifted its holdings in Fortrea by 57.7% in the fourth quarter. Covestor Ltd now owns 4,356 shares of the company's stock worth $81,000 after purchasing an additional 1,593 shares during the period. Finally, Quarry LP grew its position in Fortrea by 1,218.7% in the 4th quarter. Quarry LP now owns 4,365 shares of the company's stock valued at $81,000 after buying an additional 4,034 shares in 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.