Fortrea (NASDAQ:FTRE – Free Report) had its target price trimmed by Deutsche Bank Aktiengesellschaft from $36.00 to $28.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.
Several other research analysts have also recently commented on FTRE. Barclays reduced their target price on shares of Fortrea from $38.00 to $35.00 and set an overweight rating for the company in a report on Thursday, January 25th. Baird R W upgraded Fortrea from a hold rating to a strong-buy rating in a report on Tuesday, May 14th. Evercore ISI reduced their price target on Fortrea from $43.00 to $31.00 and set an outperform rating for the company in a research report on Tuesday, May 14th. Robert W. Baird upgraded Fortrea from a neutral rating to an outperform rating and dropped their price objective for the stock from $45.00 to $36.00 in a research note on Tuesday, May 14th. Finally, Bank of America dropped their price target on shares of Fortrea from $33.00 to $27.00 and set an underperform rating on the stock in a research report on Tuesday, May 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $34.43.
Check Out Our Latest Report on FTRE
Fortrea Stock Performance
Fortrea (NASDAQ:FTRE – Get Free Report) last announced its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The firm had revenue of $662.10 million during the quarter, compared to analyst estimates of $754.58 million. Fortrea’s revenue was down 4.6% on a year-over-year basis. Equities analysts expect that Fortrea will post 0.8 EPS for the current fiscal year.
Institutional Trading of Fortrea
A number of hedge funds have recently modified their holdings of FTRE. Cetera Advisors LLC bought a new position in Fortrea in the 1st quarter valued at about $241,000. Ancora Advisors LLC increased its stake in shares of Fortrea by 40,301.8% during the first quarter. Ancora Advisors LLC now owns 132,518 shares of the company’s stock worth $5,319,000 after purchasing an additional 132,190 shares during the period. Iron Triangle Partners LP acquired a new stake in Fortrea during the 1st quarter worth approximately $31,760,000. Jacobs Levy Equity Management Inc. bought a new stake in Fortrea in the 1st quarter valued at $630,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Fortrea by 5.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 50,531 shares of the company’s stock valued at $2,029,000 after buying an additional 2,731 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.
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