Fortrea (NASDAQ:FTRE) Issues Quarterly Earnings Results

Fortrea (NASDAQ:FTRE) issued its earnings results on Friday. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02), RTT News reports. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. During the same quarter in the previous year, the company earned $0.24 EPS. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. Fortrea updated its FY 2024 guidance to EPS.

Fortrea Trading Up 30.2 %

Shares of Fortrea stock opened at $23.50 on Friday. The business has a 50 day simple moving average of $19.70 and a two-hundred day simple moving average of $24.17. Fortrea has a 12 month low of $16.53 and a 12 month high of $41.02. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19.

Analyst Ratings Changes

A number of brokerages have recently commented on FTRE. Citigroup lowered their target price on Fortrea from $42.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. The Goldman Sachs Group lowered their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 8th. TD Cowen lowered their target price on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft lowered their target price 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, Robert W. Baird lowered their target price on Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortrea has a consensus rating of “Hold” and a consensus target price of $23.60.

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.