Fortrea Holdings Inc. (NASDAQ:FTRE) Given Consensus Rating of “Reduce” by Brokerages

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been given an average recommendation of “Reduce” by the twelve brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $23.30.

A number of research analysts recently weighed in on the stock. Jefferies Financial Group cut shares of Fortrea from a “buy” rating to a “hold” rating and dropped their price objective for the company from $25.00 to $21.00 in a report on Wednesday, September 25th. Evercore ISI dropped their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a research note on Tuesday, October 8th. Robert W. Baird lowered Fortrea from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $28.00 to $25.00 in a report on Friday, December 6th. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and cut their price target for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Finally, William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th.

Institutional Trading of Fortrea

Institutional investors have recently modified their holdings of the stock. nVerses Capital LLC acquired a new stake in Fortrea during the 2nd quarter worth $26,000. Hara Capital LLC acquired a new stake in shares of Fortrea during the third quarter worth about $29,000. Blue Trust Inc. lifted its holdings in shares of 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 purchasing an additional 1,434 shares during the last quarter. University of Texas Texas AM Investment Management Co. boosted its position in shares of Fortrea by 125.0% in 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. Finally, Covestor Ltd grew its stake in Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after buying an additional 1,398 shares during the last quarter.

Fortrea Stock Up 0.7 %

Shares of NASDAQ FTRE opened at $18.50 on Friday. 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 business’s 50 day moving average is $19.70 and its two-hundred day moving average is $22.04. Fortrea has a 52-week low of $16.53 and a 52-week high of $41.02. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of -5.41, a PEG ratio of 2.94 and a beta of 1.16.

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

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.