Fortrea (NASDAQ:FTRE) Price Target Lowered to $23.00 at The Goldman Sachs Group

Fortrea (NASDAQ:FTRE) had its price target trimmed by The Goldman Sachs Group from $26.00 to $23.00 in a report released on Tuesday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts have also recently weighed in on the company. TD Cowen decreased their price objective on Fortrea from $27.00 to $23.00 and set a hold rating on the stock in a report on Tuesday, August 13th. Robert W. Baird decreased their price target on shares of Fortrea from $38.00 to $28.00 and set an outperform rating on the stock in a research note on Tuesday, August 13th. Barclays lowered their price objective on shares of Fortrea from $30.00 to $21.00 and set an equal weight rating for the company in a report on Tuesday, August 13th. Bank of America decreased their target price on shares of Fortrea from $26.00 to $21.00 and set an underperform rating on the stock in a research report on Tuesday, August 13th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $23.70.

Fortrea Price Performance

FTRE stock opened at $18.67 on Tuesday. The firm has a 50 day simple moving average of $22.10 and a two-hundred day simple moving average of $27.23. The stock has a market cap of $1.67 billion, a PE ratio of -13.43, a P/E/G ratio of 2.21 and a beta of 0.54. Fortrea has a one year low of $18.04 and a one year high of $41.02. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. During the same period in the prior year, the firm posted $0.52 earnings per share. The business’s revenue was down 8.6% on a year-over-year basis. On average, analysts predict that Fortrea will post 0.6 EPS for the current fiscal year.

Institutional Trading of Fortrea

Several large investors have recently modified their holdings of FTRE. Healthcare of Ontario Pension Plan Trust Fund raised its position in Fortrea by 552.3% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 161,900 shares of the company’s stock valued at $3,779,000 after purchasing an additional 137,082 shares during the last quarter. University of Texas Texas AM Investment Management Co. raised its holdings 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 in the last quarter. Sanctuary Advisors LLC purchased a new stake in Fortrea in the second quarter worth $331,000. Brandes Investment Partners LP boosted its holdings in Fortrea by 27.1% in the second quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company’s stock valued at $56,845,000 after acquiring an additional 519,344 shares in the last quarter. Finally, William B. Walkup & Associates Inc. bought a new stake in Fortrea in the second quarter valued at $219,000.

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.