Fortrea (NASDAQ:FTRE) Shares Gap Up - Here's Why

Fortrea Holdings Inc. (NASDAQ:FTRE - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $18.05, but opened at $23.35. Fortrea shares last traded at $24.90, with a volume of 1,157,651 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on FTRE shares. The Goldman Sachs Group decreased their target price on shares of Fortrea from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating for the company in a research note on Tuesday, August 20th. TD Cowen cut their price target on shares of Fortrea from $27.00 to $23.00 and set a "hold" rating for the company in a report on Tuesday, August 13th. Jefferies Financial Group lowered shares of Fortrea from a "buy" rating to a "hold" rating and cut their price target for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. Finally, Barclays cut their price target on shares of Fortrea from $21.00 to $20.00 and set an "equal weight" rating for the company in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $23.60.

Fortrea Price Performance

The company has a market capitalization of $2.11 billion, a PE ratio of -7.30, a price-to-earnings-growth ratio of 2.72 and a beta of 0.70. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. The company's 50 day simple moving average is $19.69 and its 200 day simple moving average is $24.25.

Fortrea (NASDAQ:FTRE - Get Free Report) last announced 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). The business had revenue of $674.90 million for the quarter, compared to analysts' expectations of $674.86 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The business's revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business posted $0.24 earnings per share. As a group, sell-side analysts predict that Fortrea Holdings Inc. will post 0.59 earnings per share for the current year.

Institutional Investors Weigh In On Fortrea

Hedge funds have recently modified their holdings of the stock. nVerses Capital LLC acquired a new stake in Fortrea in the second quarter valued at $26,000. Hara Capital LLC acquired a new stake in Fortrea in the third quarter valued at $29,000. Gladius Capital Management LP acquired a new stake in Fortrea in the second quarter valued at $30,000. Blue Trust Inc. raised its stake in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company's stock worth $35,000 after buying an additional 1,434 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. raised its stake in shares of Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company's stock worth $53,000 after buying an additional 1,250 shares during 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.