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

Fortrea (NASDAQ:FTRE) had its price objective reduced by The Goldman Sachs Group from $26.00 to $23.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. William Blair reaffirmed a market perform rating on shares of Fortrea in a research report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft decreased their price target on Fortrea from $28.00 to $23.00 and set a hold rating for the company in a research report on Tuesday, August 20th. Citigroup cut their price objective on Fortrea from $42.00 to $30.00 and set a buy rating on the stock in a research report on Tuesday, August 13th. Barclays decreased their target price on Fortrea from $30.00 to $21.00 and set an equal weight rating for the company in a research report on Tuesday, August 13th. Finally, TD Cowen cut their price target on shares of Fortrea from $27.00 to $23.00 and set a hold rating on the stock in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $23.70.

Fortrea Stock Up 1.6 %

FTRE stock opened at $18.93 on Tuesday. The firm has a market capitalization of $1.70 billion, a PE ratio of -5.81, a P/E/G ratio of 2.37 and a beta of 0.54. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. Fortrea has a twelve month low of $18.04 and a twelve month high of $41.02. The stock’s 50 day moving average is $21.60 and its 200-day moving average is $26.97.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. During the same quarter last year, the business posted $0.52 earnings per share. Fortrea’s revenue was down 8.6% on a year-over-year basis. Sell-side analysts expect that Fortrea will post 0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Concord Wealth Partners boosted its position in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after purchasing an additional 521 shares during the period. nVerses Capital LLC purchased a new stake in shares of Fortrea during the 2nd quarter valued at approximately $26,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Fortrea during the 4th quarter valued at approximately $40,000. Gladius Capital Management LP bought a new position in Fortrea in the 2nd quarter worth approximately $30,000. Finally, Blue Trust Inc. grew its stake in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after buying an additional 1,434 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.