Fortrea (NASDAQ:FTRE) Price Target Cut to $20.00 by Analysts at Barclays

Fortrea (NASDAQ:FTRE) had its target price cut by Barclays from $21.00 to $20.00 in a report published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages also recently weighed in on FTRE. Bank of America dropped their target price on shares of Fortrea from $26.00 to $21.00 and set an underperform rating for the company in a research note on Tuesday, August 13th. Jefferies Financial Group downgraded shares of Fortrea from a buy rating to a hold rating and dropped their price target for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. TD Cowen dropped their price target on shares of Fortrea from $27.00 to $23.00 and set a hold rating for the company in a research note on Tuesday, August 13th. Citigroup dropped their price target on shares of Fortrea from $42.00 to $30.00 and set a buy rating for the company in a research note on Tuesday, August 13th. Finally, Robert W. Baird dropped their price target on shares of Fortrea from $38.00 to $28.00 and set an outperform rating for the company in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $23.60.

Fortrea Trading Up 2.9 %

Shares of NASDAQ FTRE opened at $18.97 on Tuesday. Fortrea has a 1-year low of $18.04 and a 1-year high of $41.02. The company has a market cap of $1.70 billion, a PE ratio of -13.65, a P/E/G ratio of 2.37 and a beta of 0.54. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. The company has a 50-day moving average of $21.31 and a two-hundred day moving average of $26.50.

Fortrea (NASDAQ:FTRE) last announced its 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). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company had revenue of $662.40 million during the quarter, compared to the consensus estimate of $689.08 million. During the same period in the prior year, the firm posted $0.52 earnings per share. The company’s revenue was down 8.6% on a year-over-year basis. As a group, equities analysts expect that Fortrea will post 0.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Keeley Teton Advisors LLC boosted its holdings in Fortrea by 2.7% during the first quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock worth $572,000 after purchasing an additional 370 shares during the last quarter. Financial Counselors Inc. boosted its holdings in Fortrea by 0.4% during the first quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock worth $3,808,000 after purchasing an additional 395 shares during the last quarter. CWM LLC boosted its holdings in Fortrea by 12.5% during the second quarter. CWM LLC now owns 4,273 shares of the company’s stock worth $100,000 after purchasing an additional 475 shares during the last quarter. Concord Wealth Partners boosted its holdings in Fortrea by 152.8% during the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock worth $35,000 after purchasing an additional 521 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Fortrea by 6.9% during the first quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock worth $328,000 after purchasing an additional 524 shares during the last quarter.

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.