Fortrea Holdings Inc. (NASDAQ:FTRE) Given Average Recommendation of “Reduce” by Brokerages

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have earned a consensus recommendation of “Reduce” from the twelve brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and eleven have issued a hold recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $23.30.

Several research firms have recently commented on FTRE. Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and reduced their price target for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Evercore ISI dropped their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday, October 8th. Barclays boosted their target price on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Finally, William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th.

Fortrea Price Performance

Fortrea stock opened at $18.75 on Friday. The company has a fifty day simple moving average of $19.70 and a 200-day simple moving average of $21.83. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -5.48, a PEG ratio of 2.94 and a beta of 1.14. Fortrea has a 52-week low of $16.53 and a 52-week high of $41.02.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data 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). The business had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 EPS. On average, equities analysts anticipate that Fortrea will post 0.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several large investors have recently modified their holdings of FTRE. Pacer Advisors Inc. increased its stake in Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock valued at $122,519,000 after purchasing an additional 6,125,827 shares during the period. Baupost Group LLC MA lifted its position in shares of Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after acquiring an additional 2,836,563 shares during the period. FMR LLC raised its holdings in Fortrea by 91.6% during the third quarter. FMR LLC now owns 4,821,404 shares of the company’s stock worth $96,428,000 after purchasing an additional 2,304,677 shares during the last quarter. Magnetar Financial LLC boosted its position in shares of Fortrea by 228.6% in the 2nd quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock worth $46,350,000 after buying an additional 1,381,489 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of Fortrea in the second quarter valued at about $23,192,000.

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.