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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have received a consensus recommendation of “Hold” from the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $23.60.

A number of research analysts have issued reports on the stock. Bank of America decreased their price target on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft lowered their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. Evercore ISI cut their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a report on Tuesday, October 8th. TD Cowen decreased their target price on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th. Finally, The Goldman Sachs Group cut their price target on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. nVerses Capital LLC acquired a new position in shares of Fortrea during the second quarter valued at approximately $26,000. Hara Capital LLC acquired a new position in Fortrea in the 3rd quarter valued at $29,000. Gladius Capital Management LP purchased a new position in Fortrea in the 2nd quarter valued at $30,000. Blue Trust Inc. lifted its holdings 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 purchasing an additional 1,434 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. boosted its stake in Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after purchasing an additional 1,250 shares during the last quarter.

Fortrea Stock Up 5.8 %

Shares of FTRE stock opened at $18.09 on Thursday. The stock’s fifty day moving average price is $19.79 and its 200 day moving average price is $24.30. Fortrea has a 1-year low of $16.53 and a 1-year high of $41.02. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. Fortrea’s revenue was down 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 EPS. Sell-side analysts anticipate that Fortrea will post 0.59 EPS 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.