Fortrea (NASDAQ:FTRE) Price Target Raised to $30.00 at Robert W. Baird

Fortrea (NASDAQ:FTRE) had its price target boosted by Robert W. Baird from $28.00 to $30.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also recently issued reports about the stock. Barclays reduced their target price on shares of Fortrea from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. The Goldman Sachs Group cut their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Friday. Deutsche Bank Aktiengesellschaft reduced their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 20th. Finally, Jefferies Financial Group downgraded Fortrea from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $25.00 to $21.00 in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $24.50.

Fortrea Stock Performance

NASDAQ:FTRE opened at $22.75 on Monday. The firm’s fifty day simple moving average is $19.69 and its 200 day simple moving average is $23.89. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. Fortrea has a twelve month low of $16.53 and a twelve month high of $41.02. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -6.65, a PEG ratio of 3.78 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The company had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 EPS. As a group, equities research analysts expect that Fortrea will post 0.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Sessa Capital IM L.P. raised its stake in Fortrea by 5.9% during the second quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company’s stock worth $157,545,000 after acquiring an additional 375,000 shares during the period. Boston Partners raised its position in shares of Fortrea by 3.2% during the 1st quarter. Boston Partners now owns 3,938,584 shares of the company’s stock worth $157,075,000 after purchasing an additional 121,126 shares during the period. Baupost Group LLC MA lifted its holdings in shares of Fortrea by 933.7% in the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after purchasing an additional 2,836,563 shares during the last quarter. Victory Capital Management Inc. boosted its position in Fortrea by 59.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock valued at $57,561,000 after purchasing an additional 918,240 shares during the period. Finally, Brandes Investment Partners LP grew its stake in Fortrea by 27.1% during the 2nd quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company’s stock worth $56,845,000 after buying an additional 519,344 shares during 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.