Fortrea's (FTRE) "Market Perform" Rating Reiterated at William Blair

William Blair reiterated their market perform rating on shares of Fortrea (NASDAQ:FTRE - Free Report) in a report published on Friday,Benzinga reports.

Several other brokerages have also issued reports on FTRE. Bank of America decreased their price target on Fortrea from $26.00 to $21.00 and set an "underperform" rating on the stock in a research note on Tuesday, August 13th. Barclays lowered their target price on Fortrea from $21.00 to $20.00 and set an "equal weight" rating for the company in a research note on Tuesday, October 15th. 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 note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Fortrea from $28.00 to $23.00 and set a "hold" rating for the company in a research report on Tuesday, August 20th. Finally, Jefferies Financial Group lowered shares of Fortrea from a "buy" rating to a "hold" rating and cut their target price for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned 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 presently has a consensus rating of "Hold" and a consensus price target of $23.60.

Fortrea Price Performance

Shares of FTRE stock traded up $5.45 during trading on Friday, hitting $23.50. The company had a trading volume of 7,122,277 shares, compared to its average volume of 1,297,801. The stock's 50-day moving average price is $19.70 and its 200 day moving average price is $24.17. Fortrea has a one year low of $16.53 and a one year high of $41.02. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a market capitalization of $2.11 billion, a P/E ratio of -7.21, a price-to-earnings-growth ratio of 2.72 and a beta of 0.70.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC bought a new position in Fortrea in the 2nd quarter worth about $26,000. Hara Capital LLC bought a new stake in Fortrea in the third quarter worth $29,000. Gladius Capital Management LP purchased a new stake in Fortrea during the 2nd quarter valued at about $30,000. Blue Trust Inc. grew its holdings in shares of Fortrea by 2,515.8% in 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. raised its stake in shares of Fortrea by 125.0% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company's stock valued at $53,000 after acquiring an additional 1,250 shares during 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.