Barclays Cuts Fortrea (NASDAQ:FTRE) Price Target to $20.00

Fortrea (NASDAQ:FTRE) had its price target dropped by equities research analysts at Barclays from $21.00 to $20.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 2.20% from the company’s current price.

FTRE has been the subject of a number of other reports. TD Cowen reduced their price objective on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 13th. Robert W. Baird reduced their price objective on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Bank of America reduced their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research report on Tuesday, August 13th. Evercore ISI reduced their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Finally, Jefferies Financial Group cut shares of Fortrea from a “buy” rating to a “hold” rating and reduced 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 given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fortrea presently has an average rating of “Hold” and an average target price of $23.60.

Fortrea Price Performance

NASDAQ:FTRE opened at $19.57 on Tuesday. Fortrea has a 1-year low of $18.04 and a 1-year high of $41.02. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $21.21 and a 200 day simple moving average of $26.45. The stock has a market capitalization of $1.75 billion, a PE ratio of -14.08, a P/E/G ratio of 2.37 and a beta of 0.54.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.03) 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 last year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was down 8.6% compared to the same quarter last year. On average, research analysts expect that Fortrea will post 0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Concord Wealth Partners raised its stake in Fortrea by 152.8% in the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after purchasing an additional 521 shares in the last quarter. nVerses Capital LLC acquired a new position in Fortrea in the second quarter valued at about $26,000. Gladius Capital Management LP acquired a new position in Fortrea in the second quarter valued at about $30,000. Blue Trust Inc. raised 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 purchasing an additional 1,434 shares in the last quarter. Finally, Covestor Ltd raised its stake in Fortrea by 420.8% in the first quarter. Covestor Ltd now owns 2,083 shares of the company’s stock valued at $84,000 after purchasing an additional 1,683 shares in the last quarter.

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.