Analysts Set Fortrea Holdings Inc. (NASDAQ:FTRE) Price Target at $23.30

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been assigned a consensus recommendation of “Reduce” from the twelve brokerages that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $23.30.

Several research analysts have commented on FTRE shares. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Baird R W cut shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Jefferies Financial Group cut Fortrea from a “buy” rating to a “hold” rating and reduced their target price for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, TD Cowen upped their price objective on shares of Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a research note on Monday, November 11th.

Fortrea Price Performance

Fortrea stock opened at $19.26 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea has a one year low of $16.53 and a one year high of $41.02. The firm has a market capitalization of $1.73 billion, a P/E ratio of -5.63, a PEG ratio of 2.94 and a beta of 1.16. The business has a fifty day moving average price of $19.70 and a 200-day moving average price of $21.98.

Fortrea (NASDAQ:FTRE) last issued 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). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. During the same quarter in the prior year, the business earned $0.24 EPS. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, equities research analysts forecast that Fortrea will post 0.57 EPS for the current year.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC purchased a new position in Fortrea during the 2nd quarter valued at about $26,000. Hara Capital LLC purchased a new position in shares of Fortrea during the third quarter valued at approximately $29,000. Blue Trust Inc. raised its holdings in shares of Fortrea by 2,515.8% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares in the last quarter. University of Texas Texas AM Investment Management Co. lifted its stake in Fortrea by 125.0% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after acquiring an additional 1,250 shares during the period. Finally, Covestor Ltd lifted its stake in Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after acquiring an additional 1,398 shares during the period.

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.