Fortrea Holdings Inc. (NASDAQ:FTRE) Receives $23.30 Consensus PT from Brokerages

Fortrea Holdings Inc. (NASDAQ:FTRE) has received an average rating of “Reduce” from the twelve ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation and eleven have given a hold recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $23.30.

A number of equities research analysts have issued reports on FTRE shares. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and lowered their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. TD Cowen upped their target price on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and decreased their target price for the stock from $25.00 to $21.00 in a research report on Wednesday, September 25th. Finally, Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th.

Insider Buying and Selling

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its position in shares of Fortrea by 21.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after purchasing an additional 63,766 shares during the period. Penn Davis Mcfarland Inc. raised its position in shares of Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after purchasing an additional 508,664 shares during the period. Starboard Value LP grew its holdings in Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after buying an additional 400,000 shares in the last quarter. State Street Corp grew its holdings in Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after buying an additional 233,577 shares in the last quarter. Finally, Mutual of America Capital Management LLC grew its holdings in Fortrea by 9.0% in the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after buying an additional 40,748 shares in the last quarter.

Fortrea Price Performance

FTRE stock opened at $17.69 on Tuesday. The stock has a 50-day moving average price of $19.82 and a two-hundred day moving average price of $21.19. Fortrea has a 12-month low of $16.53 and a 12-month high of $41.02. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The company has a market cap of $1.59 billion, a PE ratio of -5.17, a price-to-earnings-growth ratio of 2.04 and a beta of 1.24.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The firm had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. During the same period last year, the firm posted $0.24 EPS. Fortrea’s revenue was down 5.4% on a year-over-year basis. As a group, research analysts predict that Fortrea will post 0.51 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.