Fortrea (NASDAQ:FTRE) Downgraded to “Hold” at Jefferies Financial Group

Jefferies Financial Group lowered shares of Fortrea (NASDAQ:FTRE) from a buy rating to a hold rating in a research note published on Wednesday morning, Marketbeat reports. The firm currently has $21.00 target price on the stock, down from their previous target price of $25.00.

A number of other equities research analysts also recently weighed in on the company. William Blair reissued a market perform rating on shares of Fortrea in a research report on Wednesday, September 11th. Citigroup cut their target price on Fortrea from $42.00 to $30.00 and set a buy rating for the company in a research note on Tuesday, August 13th. Barclays decreased their price target on shares of Fortrea from $30.00 to $21.00 and set an equal weight rating on the stock in a research note on Tuesday, August 13th. TD Cowen decreased their target price on shares of Fortrea from $27.00 to $23.00 and set a hold rating on the stock in a research report on Tuesday, August 13th. Finally, Robert W. Baird lowered their target price 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortrea has a consensus rating of Hold and a consensus target price of $24.90.

Fortrea Trading Down 12.3 %

Shares of NASDAQ:FTRE opened at $19.48 on Wednesday. Fortrea has a 1 year low of $18.07 and a 1 year high of $41.02. The firm has a fifty day moving average price of $23.40 and a 200 day moving average price of $28.55. 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 stock has a market capitalization of $1.75 billion, a PE ratio of -14.01, a P/E/G ratio of 2.21 and a beta of 0.56.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same quarter in the previous year, the business posted $0.52 earnings per share. The business’s quarterly revenue was down 8.6% compared to the same quarter last year. Analysts expect that Fortrea will post 0.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTRE. Sei Investments Co. raised its position in Fortrea by 311.2% in the 1st 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. Jennison Associates LLC acquired a new stake in shares of Fortrea during the 1st quarter worth approximately $6,560,000. First Eagle Investment Management LLC raised its stake in shares of Fortrea by 171.6% during the first quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock worth $10,793,000 after buying an additional 169,882 shares during the last quarter. 13D Management LLC bought a new position in Fortrea in the fourth quarter valued at approximately $4,568,000. Finally, Mutual of America Capital Management LLC grew its holdings in Fortrea by 31.6% during the 1st quarter. Mutual of America Capital Management LLC now owns 367,203 shares of the company’s stock worth $14,740,000 after acquiring an additional 88,159 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.