Fortrea Holdings Inc. (NASDAQ:FTRE) Receives $32.30 Average PT from Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has earned an average recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have given a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $32.30.

A number of analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft cut their price objective on Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a research report on Thursday, May 23rd. TD Cowen began coverage on Fortrea in a report on Wednesday, May 29th. They set a “hold” rating and a $27.00 target price for the company. Mizuho began coverage on Fortrea in a report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 target price for the company. Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 14th. Finally, Robert W. Baird upgraded Fortrea from a “neutral” rating to an “outperform” rating and lowered their target price for the company from $45.00 to $36.00 in a report on Tuesday, May 14th.

Insider Activity

In other Fortrea news, CEO Thomas Pike bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the purchase, the chief executive officer now directly owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Thomas Pike acquired 10,000 shares of Fortrea stock in a transaction on Wednesday, May 29th. The stock was bought at an average price of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the purchase, the chief executive officer now owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel James S. Hanson purchased 2,000 shares of Fortrea stock in a transaction that occurred on Wednesday, June 12th. The stock was acquired at an average price of $25.30 per share, with a total value of $50,600.00. Following the transaction, the general counsel now owns 7,475 shares in the company, valued at $189,117.50. The disclosure for this purchase can be found here. Company insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

A number of large investors have recently bought and sold shares of the business. Boston Partners boosted its stake in Fortrea by 3.2% during the 1st quarter. Boston Partners now owns 3,938,584 shares of the company’s stock worth $157,075,000 after purchasing an additional 121,126 shares during the period. Cetera Advisors LLC acquired a new stake in shares of Fortrea in the 1st quarter worth $241,000. Ancora Advisors LLC lifted its stake in shares of Fortrea by 40,301.8% in the 1st quarter. Ancora Advisors LLC now owns 132,518 shares of the company’s stock worth $5,319,000 after acquiring an additional 132,190 shares during the period. Iron Triangle Partners LP acquired a new stake in shares of Fortrea in the 1st quarter worth $31,760,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Fortrea in the 1st quarter worth $630,000.

Fortrea Stock Up 2.0 %

Shares of FTRE opened at $23.34 on Friday. Fortrea has a 52-week low of $22.15 and a 52-week high of $41.02. The company has a market capitalization of $2.09 billion and a PE ratio of -16.79. The stock has a fifty day simple moving average of $28.59 and a two-hundred day simple moving average of $32.89. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.98.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The company had revenue of $662.10 million during the quarter, compared to analyst estimates of $754.58 million. The firm’s revenue was down 4.6% on a year-over-year basis. As a group, equities analysts forecast that Fortrea will post 0.75 EPS for the current year.

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.