Fortrea (NASDAQ:FTRE) Given New $12.00 Price Target at Barclays

Fortrea (NASDAQ:FTRE) had its price objective reduced by Barclays from $25.00 to $12.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities research analysts have also recently issued reports on FTRE. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Baird R W cut Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. Robert W. Baird downgraded shares of Fortrea from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $28.00 to $25.00 in a report on Friday, December 6th. TD Cowen boosted their target price on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $20.30.

Fortrea Stock Down 1.8 %

Fortrea stock opened at $10.69 on Tuesday. Fortrea has a 1-year low of $9.55 and a 1-year high of $41.02. The stock has a market capitalization of $958.89 million, a price-to-earnings ratio of -3.13, a PEG ratio of 1.78 and a beta of 1.34. 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 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 released its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The business had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same quarter in the previous year, the company earned $0.19 EPS. Equities research analysts forecast that Fortrea will post 0.51 EPS for the current fiscal 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 sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 12,386 shares of company stock worth $219,751 over the last 90 days. Company insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FTRE. Hara Capital LLC acquired a new position in Fortrea in the third quarter valued at $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Fortrea in the fourth quarter valued at about $30,000. GF Fund Management CO. LTD. acquired a new position in shares of Fortrea during the fourth quarter worth about $35,000. Covestor Ltd boosted its position in shares of Fortrea by 102.4% in 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. grew its stake in shares of Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after buying an additional 572 shares in the last quarter.

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.