Fortrea Holdings Inc. (NASDAQ:FTRE) Receives $23.60 Average Target Price from Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has been given an average recommendation of “Hold” by the twelve research firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $23.60.

Several research analysts have recently weighed in on the stock. Jefferies Financial Group lowered shares of Fortrea from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $25.00 to $21.00 in a research note on Wednesday, September 25th. Evercore ISI lowered their price objective on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 8th. Bank of America lowered their price objective on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of 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 price objective on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th.

Fortrea Stock Up 0.2 %

Shares of FTRE stock opened at $16.85 on Thursday. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. Fortrea has a 1 year low of $16.53 and a 1 year high of $41.02. The firm’s fifty day moving average price is $20.11 and its two-hundred day moving average price is $24.77. The firm has a market capitalization of $1.51 billion, a P/E ratio of -5.17, a PEG ratio of 2.76 and a beta of 0.54.

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

Institutional Trading of Fortrea

A number of institutional investors have recently bought and sold shares of the business. Keeley Teton Advisors LLC boosted its holdings in Fortrea by 2.7% in the 1st quarter. Keeley Teton Advisors LLC now owns 14,255 shares of the company’s stock valued at $572,000 after purchasing an additional 370 shares during the period. Financial Counselors Inc. boosted its holdings in Fortrea by 0.4% in the 1st quarter. Financial Counselors Inc. now owns 94,880 shares of the company’s stock valued at $3,808,000 after purchasing an additional 395 shares during the period. CWM LLC boosted its holdings in Fortrea by 12.5% in the 2nd quarter. CWM LLC now owns 4,273 shares of the company’s stock valued at $100,000 after purchasing an additional 475 shares during the period. ProShare Advisors LLC boosted its holdings in Fortrea by 6.9% in the 1st quarter. ProShare Advisors LLC now owns 8,165 shares of the company’s stock valued at $328,000 after purchasing an additional 524 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after purchasing an additional 572 shares during the period.

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.