Barclays Forecasts Strong Price Appreciation for Fortrea (NASDAQ:FTRE) Stock

Fortrea (NASDAQ:FTRE) had its price target increased by Barclays from $20.00 to $25.00 in a research report sent to investors on Monday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other analysts have also commented on the company. Deutsche Bank Aktiengesellschaft lowered their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. 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. Bank of America reduced their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. The Goldman Sachs Group cut their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. Finally, Citigroup decreased their price objective on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $24.50.

Fortrea Price Performance

Shares of FTRE stock opened at $20.20 on Monday. Fortrea has a 1 year low of $16.53 and a 1 year high of $41.02. The firm’s 50 day moving average is $19.68 and its 200-day moving average is $23.75. The company has a current ratio of 1.18, a quick ratio of 1.19 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last posted 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 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%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. As a group, research analysts expect that Fortrea will post 0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. raised its position in shares of Fortrea by 311.2% during the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after purchasing an additional 59,690 shares during the period. First Eagle Investment Management LLC increased its stake in Fortrea by 171.6% during the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock worth $10,793,000 after purchasing an additional 169,882 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Fortrea by 466.0% during the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock worth $3,309,000 after buying an additional 67,865 shares during the period. Penn Davis Mcfarland Inc. raised its holdings in Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after buying an additional 508,664 shares during the period. Finally, Diamond Hill Capital Management Inc. bought a new position in Fortrea in the second quarter valued at approximately $23,192,000.

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.