Fortrea (NASDAQ:FTRE) Stock Price Expected to Rise, Barclays Analyst Says

Fortrea (NASDAQ:FTRE) had its price objective boosted by equities research analysts at Barclays from $20.00 to $25.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s target price would indicate a potential upside of 13.90% from the stock’s current price.

FTRE has been the topic of several other reports. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Friday, November 8th. Robert W. Baird boosted their target price on Fortrea from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft cut their price target on Fortrea from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, August 20th. Bank of America lowered their target price on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research report on Tuesday, August 13th. Finally, Jefferies Financial Group downgraded shares of Fortrea from a “buy” rating to a “hold” rating and reduced their price target for the company from $25.00 to $21.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $24.50.

Fortrea Stock Performance

Shares of FTRE opened at $21.95 on Monday. 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 firm’s fifty day simple moving average is $19.69 and its two-hundred day simple moving average is $23.79. Fortrea has a 12 month low of $16.53 and a 12 month high of $41.02. The stock has a market capitalization of $1.97 billion, a P/E ratio of -6.42, a price-to-earnings-growth ratio of 3.78 and a beta of 0.70.

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 business had revenue of $674.90 million for the quarter, compared to analyst estimates of $674.86 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. As a group, analysts predict that Fortrea will post 0.59 EPS for the current year.

Hedge Funds Weigh In On Fortrea

Several institutional investors have recently modified their holdings of the business. Sei Investments Co. boosted its position in Fortrea by 311.2% in the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock worth $3,165,000 after purchasing an additional 59,690 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in Fortrea by 171.6% in the first quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock valued at $10,793,000 after acquiring an additional 169,882 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Fortrea by 466.0% during the 1st quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock valued at $3,309,000 after acquiring an additional 67,865 shares during the period. Penn Davis Mcfarland Inc. increased its stake in shares of Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after purchasing an additional 508,664 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new stake in shares of Fortrea in the 2nd quarter worth approximately $23,192,000.

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.