Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Consensus Rating of “Reduce” from Analysts

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been assigned an average rating of “Reduce” from the twelve analysts that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $23.30.

A number of brokerages have recently issued reports on FTRE. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $28.00 to $25.00 in a research note on Friday, December 6th. The Goldman Sachs Group dropped their price objective 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, Barclays upped their price objective on Fortrea from $20.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th.

Institutional Investors Weigh In On Fortrea

Large investors have recently added to or reduced their stakes in the business. Penn Davis Mcfarland Inc. raised its stake in Fortrea by 86.4% in the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after acquiring an additional 508,664 shares during the period. Starboard Value LP grew its holdings in Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after buying an additional 400,000 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in Fortrea by 9.0% in the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock valued at $9,909,000 after buying an additional 40,748 shares in the last quarter. State Street Corp grew its holdings in Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after buying an additional 233,577 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. grew its holdings in Fortrea by 20.5% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,197,696 shares of the company’s stock valued at $23,954,000 after buying an additional 204,021 shares in the last quarter.

Fortrea Trading Up 0.7 %

NASDAQ FTRE opened at $18.31 on Tuesday. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -5.35, a PEG ratio of 3.02 and a beta of 1.24. The stock’s 50 day moving average price is $19.90 and its two-hundred day moving average price is $21.37. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.18. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02.

Fortrea (NASDAQ:FTRE) last released its earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company’s revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. As a group, analysts anticipate that Fortrea will post 0.57 earnings per share for the current fiscal year.

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.