Fortrea Holdings Inc. (NASDAQ:FTRE) Given Average Recommendation of “Moderate Buy” by Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has been assigned a consensus rating of “Moderate Buy” from the twelve research firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $32.30.

FTRE has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Fortrea from $36.00 to $28.00 and set a “hold” rating for the company in a report on Thursday, May 23rd. Robert W. Baird raised shares of Fortrea from a “neutral” rating to an “outperform” rating and cut their price objective for the stock from $45.00 to $36.00 in a report on Tuesday, May 14th. Evercore ISI cut their price objective on shares of Fortrea from $43.00 to $31.00 and set an “outperform” rating for the company in a report on Tuesday, May 14th. TD Cowen initiated coverage on shares of Fortrea in a report on Wednesday, May 29th. They issued a “hold” rating and a $27.00 price objective for the company. Finally, Mizuho initiated coverage on shares of Fortrea in a report on Tuesday, May 28th. They issued a “neutral” rating and a $27.00 price objective for the company.

Insiders Place Their Bets

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

Institutional Trading of Fortrea

Hedge funds have recently added to or reduced their stakes in the business. Cohen Capital Management Inc. bought a new stake in Fortrea in the fourth quarter worth $1,873,000. New York State Teachers Retirement System purchased a new position in shares of Fortrea in the fourth quarter valued at about $3,913,000. Amalgamated Bank purchased a new position in shares of Fortrea in the fourth quarter valued at about $1,320,000. Mutual of America Capital Management LLC purchased a new position in shares of Fortrea in the fourth quarter valued at about $9,739,000. Finally, 13D Management LLC purchased a new position in shares of Fortrea in the fourth quarter valued at about $4,568,000.

Fortrea Stock Up 0.9 %

Fortrea stock opened at $22.88 on Friday. Fortrea has a twelve month low of $22.15 and a twelve month high of $41.02. The firm has a 50 day moving average price of $28.83 and a 200-day moving average price of $32.93. The company has a market capitalization of $2.05 billion and a P/E ratio of -16.46. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.98.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, May 13th. The company reported ($0.04) earnings per share for the quarter. Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The company had revenue of $662.10 million for the quarter, compared to the consensus estimate of $754.58 million. Fortrea’s quarterly revenue was down 4.6% on a year-over-year basis. As a group, equities analysts predict that Fortrea will post 0.75 EPS for the current year.

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.