Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) Price Target at $19.00

Fortrea Holdings Inc. (NASDAQ:FTRE) has earned an average rating of “Reduce” from the twelve brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $19.00.

FTRE has been the subject of several research analyst reports. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Barclays decreased their price target on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. The Goldman Sachs Group dropped their price objective on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Citigroup lowered Fortrea from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, William Blair reissued a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th.

Insider Buying and Selling

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 13,029 shares of company stock valued at $226,168 over the last ninety days. Company insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in Fortrea by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock valued at $7,288,000 after purchasing an additional 63,766 shares in the last quarter. Starboard Value LP raised its stake in Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after purchasing an additional 400,000 shares during the last quarter. State Street Corp grew its holdings in shares of Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after buying an additional 233,577 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Fortrea by 25.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,135,619 shares of the company’s stock worth $22,712,000 after buying an additional 227,109 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Fortrea by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 590,428 shares of the company’s stock worth $11,809,000 after acquiring an additional 29,285 shares during the last quarter.

Fortrea Price Performance

NASDAQ FTRE opened at $7.05 on Friday. The firm’s fifty day simple moving average is $12.96 and its two-hundred day simple moving average is $17.25. The firm has a market capitalization of $635.91 million, a P/E ratio of -2.06, a P/E/G ratio of 1.78 and a beta of 1.34. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 12-month low of $7.01 and a 12-month high of $40.57.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The business had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. During the same period in the prior year, the company earned $0.19 earnings per share. Analysts forecast that Fortrea will post 0.51 EPS for the current fiscal 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.