Evercore ISI Issues Pessimistic Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea (NASDAQ:FTRE) had its target price trimmed by Evercore ISI from $20.00 to $15.00 in a report released on Tuesday,Benzinga reports. The firm currently has an in-line rating on the stock.

A number of other brokerages have also issued reports on FTRE. The Goldman Sachs Group cut their price target on Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday. TD Cowen increased their price target on Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Tuesday. Barclays cut their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and cut their price objective for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.30.

Fortrea Trading Down 1.8 %

NASDAQ:FTRE opened at $10.69 on Tuesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $958.89 million, a price-to-earnings ratio of -3.13, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34. Fortrea has a one year low of $9.55 and a one year high of $41.02. The business has a fifty day moving average price of $16.50 and a 200-day moving average price of $18.95.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $703.22 million. During the same quarter last year, the company earned $0.19 earnings per share. Sell-side analysts forecast that Fortrea will post 0.51 EPS for the current year.

Insider Activity at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 12,386 shares of company stock valued at $219,751. Insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

Institutional investors have recently added to or reduced their stakes in the company. Hara Capital LLC bought a new stake in Fortrea in the third quarter worth about $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Fortrea in the fourth quarter worth $30,000. GF Fund Management CO. LTD. purchased a new position in Fortrea in the fourth quarter worth $35,000. Covestor Ltd lifted its stake in shares of Fortrea by 102.4% during the third 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 period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Fortrea by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after buying an additional 572 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.