Fortrea (NASDAQ:FTRE) Shares Gap Up – Here’s What Happened

Fortrea Holdings Inc. (NASDAQ:FTRE)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $18.05, but opened at $23.35. Fortrea shares last traded at $24.90, with a volume of 1,157,651 shares changing hands.

Analysts Set New Price Targets

Several brokerages have commented on FTRE. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Wednesday, September 11th. Citigroup dropped their price objective on shares of Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Evercore ISI reduced their target price 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. Deutsche Bank Aktiengesellschaft lowered their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 20th. Finally, The Goldman Sachs Group decreased their price objective on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.60.

Fortrea Price Performance

The stock has a market capitalization of $2.19 billion, a P/E ratio of -7.15, a PEG ratio of 2.72 and a beta of 0.70. The company’s 50 day simple moving average is $19.69 and its two-hundred day simple moving average is $24.25. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). The business had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 earnings per share. As a group, equities analysts expect that Fortrea Holdings Inc. will post 0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC acquired a new position in shares of Fortrea during the second quarter worth approximately $26,000. Hara Capital LLC bought a new position in Fortrea in the 3rd quarter worth approximately $29,000. Gladius Capital Management LP acquired a new position in Fortrea during the 2nd quarter worth $30,000. Blue Trust Inc. boosted its position in Fortrea by 2,515.8% in the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after buying an additional 1,434 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. increased its stake in shares of Fortrea by 125.0% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after buying an additional 1,250 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.