Fortrea (NASDAQ:FTRE) Price Target Raised to $25.00 at TD Cowen

Fortrea (NASDAQ:FTRE - Get Free Report) had its price objective upped by research analysts at TD Cowen from $23.00 to $25.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "hold" rating on the stock. TD Cowen's target price points to a potential upside of 9.89% from the company's previous close.

A number of other research firms also recently commented on FTRE. Bank of America reduced their target price on Fortrea from $26.00 to $21.00 and set an "underperform" rating for the company in a report on Tuesday, August 13th. The Goldman Sachs Group decreased their price objective 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. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating for the company in a report on Tuesday, August 20th. Citigroup lowered their price target on Fortrea from $42.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, August 13th. Finally, Evercore ISI reduced their price objective on Fortrea from $22.00 to $20.00 and set an "in-line" rating for the company in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortrea has an average rating of "Hold" and a consensus price target of $24.50.

Fortrea Stock Performance

NASDAQ:FTRE traded down $0.75 during midday trading on Monday, reaching $22.75. The stock had a trading volume of 1,886,701 shares, compared to its average volume of 1,300,510. The stock has a market cap of $2.04 billion, a P/E ratio of -6.65, a P/E/G ratio of 3.78 and a beta of 0.70. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. Fortrea has a 12-month low of $16.53 and a 12-month high of $41.02. The firm has a fifty day simple moving average of $19.69 and a two-hundred day simple moving average of $23.89.

Fortrea (NASDAQ:FTRE - Get Free Report) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm had revenue of $674.90 million for the quarter, compared to analysts' expectations of $674.86 million. During the same period in the prior year, the company earned $0.24 earnings per share. The company's revenue for the quarter was down 5.4% on a year-over-year basis. On average, equities analysts expect that Fortrea will post 0.59 EPS for the current year.

Institutional Investors Weigh In On Fortrea

Several hedge funds have recently made changes to their positions in the business. nVerses Capital LLC acquired a new stake in Fortrea during the 2nd quarter valued at $26,000. Hara Capital LLC acquired a new stake in shares of Fortrea during the 3rd quarter worth approximately $29,000. Gladius Capital Management LP acquired a new position in Fortrea during the 2nd quarter valued at approximately $30,000. Blue Trust Inc. lifted its stake in Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company's stock valued at $35,000 after buying an additional 1,434 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. increased its holdings in shares of Fortrea by 125.0% in 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 acquiring an additional 1,250 shares during the period.

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.