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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been assigned an average rating of “Hold” from the twelve analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $24.50.

A number of analysts recently weighed in on FTRE shares. Bank of America lowered their price target on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. The Goldman Sachs Group cut their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Evercore ISI cut their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock 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 lowered their price target for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th.

Fortrea Trading Up 1.2 %

Fortrea stock opened at $19.73 on Monday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The business’s 50-day simple moving average is $19.53 and its 200-day simple moving average is $22.83. The firm has a market capitalization of $1.77 billion, a PE ratio of -5.77, a PEG ratio of 2.94 and a beta of 0.70. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02.

Fortrea (NASDAQ:FTRE) last posted 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). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. During the same quarter in the previous year, the firm posted $0.24 EPS. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. Equities research analysts forecast that Fortrea will post 0.57 earnings per share for the current year.

Institutional Investors Weigh In On Fortrea

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. nVerses Capital LLC bought a new position in Fortrea in the 2nd quarter valued at about $26,000. Hara Capital LLC acquired a new stake in Fortrea during the third quarter worth approximately $29,000. Gladius Capital Management LP bought a new position in Fortrea during the 2nd quarter worth $30,000. Blue Trust Inc. increased its stake in Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after acquiring an additional 1,434 shares during the period. Finally, University of Texas Texas AM Investment Management Co. raised its holdings in Fortrea by 125.0% in the 2nd 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.

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.