Fortrea (NASDAQ:FTRE) Given New $15.00 Price Target at Evercore ISI

Fortrea (NASDAQ:FTRE) had its price objective lowered by investment analysts at Evercore ISI from $20.00 to $15.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “in-line” rating on the stock. Evercore ISI’s target price indicates a potential upside of 41.54% from the stock’s current price.

FTRE has been the subject of several other reports. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Tuesday. Barclays cut their price target on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. TD Cowen boosted their target price on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Finally, Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the company from $30.00 to $23.00 in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.30.

Fortrea Price Performance

NASDAQ FTRE opened at $10.60 on Tuesday. Fortrea has a 12-month low of $9.55 and a 12-month high of $41.02. The company has a market capitalization of $950.64 million, a PE ratio of -3.09, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm’s 50 day moving average is $16.81 and its 200-day moving average is $19.09.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period last year, the firm earned $0.19 EPS. Equities research analysts anticipate that Fortrea will post 0.51 earnings per share for the current fiscal year.

Insider Activity at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction on Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the transaction, the chief executive officer now owns 159,868 shares in the company, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 12,386 shares of company stock worth $219,751 in the last three months. Insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after acquiring an additional 572 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Fortrea by 2.0% during the third quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock valued at $825,000 after acquiring an additional 792 shares during the period. Willis Investment Counsel grew its holdings in Fortrea by 0.6% during the 4th quarter. Willis Investment Counsel now owns 185,473 shares of the company’s stock worth $3,459,000 after acquiring an additional 1,138 shares during the last quarter. Cullen Frost Bankers Inc. raised its stake in shares of Fortrea by 31.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after buying an additional 1,361 shares during the last quarter. Finally, Financial Counselors Inc. grew its holdings in shares of Fortrea by 1.4% in the 3rd quarter. Financial Counselors Inc. now owns 97,759 shares of the company’s stock valued at $1,955,000 after buying an additional 1,395 shares during the period.

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.