Fortrea (NASDAQ:FTRE) Downgraded to Neutral Rating by Robert W. Baird

Robert W. Baird lowered shares of Fortrea (NASDAQ:FTRE) from an outperform rating to a neutral rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports. They currently have $25.00 price objective on the stock, down from their prior price objective of $28.00.

A number of other brokerages have also weighed in on FTRE. Evercore ISI decreased their target price on Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research report on Tuesday, October 8th. Jefferies Financial Group cut shares of Fortrea from a “buy” rating to a “hold” rating and decreased their price objective for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. Citigroup dropped their target price on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. The Goldman Sachs Group cut their target price on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Finally, Bank of America lowered 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $24.00.

Fortrea Stock Performance

NASDAQ:FTRE opened at $21.67 on Friday. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02. The company’s 50 day moving average price is $19.52 and its 200-day moving average price is $22.38. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same period in the previous year, the business posted $0.24 EPS. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, sell-side analysts predict that Fortrea will post 0.57 earnings per share for the current year.

Institutional Trading of Fortrea

Hedge funds and other institutional investors have recently bought and sold shares of the stock. nVerses Capital LLC bought a new position in shares of Fortrea during the 2nd quarter valued at approximately $26,000. Hara Capital LLC bought a new position in shares of Fortrea in the third quarter worth approximately $29,000. Gladius Capital Management LP purchased a new stake in shares of Fortrea in the second quarter worth $30,000. Blue Trust Inc. increased its stake in shares of 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 purchasing an additional 1,434 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. raised its position in shares of Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after purchasing an additional 1,250 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.