TD Cowen Cuts Fortrea (NASDAQ:FTRE) Price Target to $23.00

Fortrea (NASDAQ:FTRE) had its price objective reduced by TD Cowen from $27.00 to $23.00 in a research note issued to investors on Tuesday, Benzinga reports. TD Cowen currently has a hold rating on the stock.

A number of other analysts have also recently issued reports on the stock. Baird R W upgraded shares of Fortrea from a hold rating to a strong-buy rating in a research note on Tuesday, May 14th. William Blair reissued a market perform rating on shares of Fortrea in a report on Monday. Mizuho assumed coverage on shares of Fortrea in a report on Tuesday, May 28th. They issued a neutral rating and a $27.00 target price on the stock. Evercore ISI lowered shares of Fortrea from an outperform rating to an in-line rating and lowered their target price for the stock from $31.00 to $27.00 in a report on Thursday, August 8th. Finally, Bank of America decreased their price objective on shares of Fortrea from $26.00 to $21.00 and set an underperform rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $27.70.

Fortrea Stock Up 1.2 %

Shares of FTRE stock traded up $0.26 during trading on Tuesday, hitting $22.68. 70,525 shares of the company were exchanged, compared to its average volume of 1,200,529. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a market capitalization of $2.03 billion and a price-to-earnings ratio of -16.13. The business’s 50-day simple moving average is $24.75 and its 200 day simple moving average is $31.12. Fortrea has a twelve month low of $18.07 and a twelve month high of $41.02.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The company had revenue of $662.40 million for the quarter, compared to analyst estimates of $689.08 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business’s revenue for the quarter was down 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.52 earnings per share. As a group, analysts forecast that Fortrea will post 0.72 EPS for the current fiscal year.

Insider Activity at Fortrea

In related news, General Counsel James S. Hanson bought 2,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were purchased at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the acquisition, the general counsel now owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The purchase was disclosed in a filing with the SEC, which is available at this link. In other Fortrea news, General Counsel James S. Hanson acquired 2,000 shares of the stock in a transaction dated Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the completion of the acquisition, the general counsel now directly owns 7,475 shares of the company’s stock, valued at $189,117.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Pike bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average cost of $24.81 per share, with a total value of $248,100.00. Following the completion of the purchase, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. 0.12% of the stock is currently owned by corporate insiders.

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. nVerses Capital LLC acquired a new stake in shares of Fortrea during the second quarter worth $26,000. Glassman Wealth Services acquired a new stake in shares of Fortrea during the fourth quarter worth $28,000. Gladius Capital Management LP acquired a new stake in shares of Fortrea during the second quarter worth $30,000. Concord Wealth Partners raised its stake in Fortrea by 152.8% in the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after purchasing an additional 521 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after purchasing an additional 1,434 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.