Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Average Rating of “Reduce” from Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has been assigned an average recommendation of “Reduce” from the twelve research firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $23.30.

FTRE has been the subject of a number of research reports. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Robert W. Baird downgraded Fortrea from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $28.00 to $25.00 in a report on Friday, December 6th. Barclays boosted their target price on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. TD Cowen raised their price target on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Finally, Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th.

Fortrea Price Performance

NASDAQ FTRE opened at $14.91 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -4.36, a PEG ratio of 1.92 and a beta of 1.21. The business has a 50 day simple moving average of $18.74 and a 200 day simple moving average of $20.36. Fortrea has a 52-week low of $14.84 and a 52-week high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data 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 company had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 EPS. Analysts anticipate that Fortrea will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Thomas Pike sold 11,268 shares of Fortrea stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Fortrea

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Algert Global LLC acquired a new stake in shares of Fortrea during the 2nd quarter worth about $200,000. Sanctuary Advisors LLC acquired a new stake in Fortrea during the second quarter worth approximately $331,000. Willis Investment Counsel boosted its holdings in shares of Fortrea by 1.2% during the third quarter. Willis Investment Counsel now owns 184,335 shares of the company’s stock worth $3,687,000 after acquiring an additional 2,252 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Fortrea by 26.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 9,087 shares of the company’s stock valued at $182,000 after purchasing an additional 1,917 shares during the last quarter. Finally, Penn Davis Mcfarland Inc. increased its stake in shares of Fortrea by 86.4% during the third quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after purchasing an additional 508,664 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.