William Blair Reaffirms “Market Perform” Rating for Fortrea (NASDAQ:FTRE)

William Blair reaffirmed their market perform rating on shares of Fortrea (NASDAQ:FTRE) in a research report sent to investors on Friday,Benzinga reports.

Several other research firms have also commented on FTRE. Deutsche Bank Aktiengesellschaft dropped 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. Bank of America decreased their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a report on Tuesday, August 13th. TD Cowen dropped their price objective on shares of Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 13th. Robert W. Baird reduced their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. Finally, The Goldman Sachs Group cut their price target 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $24.50.

Fortrea Stock Performance

NASDAQ:FTRE opened at $22.75 on Friday. The company has a market cap 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 has a 1 year low of $16.53 and a 1 year high of $41.02. The stock’s 50 day simple moving average is $19.69 and its two-hundred day simple moving average is $23.89. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19.

Fortrea (NASDAQ:FTRE) last released 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 10.09% and a positive return on equity of 1.98%. The business had revenue of $674.90 million for the quarter, compared to analysts’ expectations of $674.86 million. During the same period in the previous year, the company earned $0.24 EPS. Fortrea’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, equities analysts anticipate that Fortrea will post 0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Institutional investors and hedge funds have recently bought and sold shares of the company. nVerses Capital LLC bought a new stake in shares of Fortrea in the second quarter valued at about $26,000. Gladius Capital Management LP purchased a new stake in shares of Fortrea in the 2nd quarter worth approximately $30,000. Hara Capital LLC purchased a new position in Fortrea during the third quarter valued at approximately $29,000. Blue Trust Inc. raised its stake in Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after buying an additional 1,434 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Fortrea by 420.8% during the first quarter. Covestor Ltd now owns 2,083 shares of the company’s stock worth $84,000 after buying an additional 1,683 shares during the period.

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.