Analysts Set Fortrea Holdings Inc. (NASDAQ:FTRE) Price Target at $24.50

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have earned an average rating of “Hold” from the twelve research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $24.50.

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group reduced their price target on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a report on Tuesday, October 8th. Bank of America decreased their target price on shares of Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a report on Tuesday, August 13th. 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. Evercore ISI lowered their price objective on Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. Finally, Barclays increased their target price on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th.

Fortrea Trading Down 2.3 %

NASDAQ:FTRE opened at $21.05 on Monday. Fortrea has a one year low of $16.53 and a one year high of $41.02. The company’s 50-day simple moving average is $19.35 and its 200 day simple moving average is $22.53. The firm has a market capitalization of $1.89 billion, a P/E ratio of -6.15, a PEG ratio of 3.18 and a beta of 0.70. 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 (NASDAQ:FTRE) last posted its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $674.90 million during the quarter, compared to analysts’ expectations of $674.86 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.24 EPS. As a group, analysts forecast that Fortrea will post 0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. nVerses Capital LLC bought a new position in shares of Fortrea in the 2nd quarter worth approximately $26,000. Gladius Capital Management LP purchased a new stake in Fortrea during the second quarter valued at approximately $30,000. Hara Capital LLC bought a new position in Fortrea in the third quarter worth approximately $29,000. Blue Trust Inc. boosted its stake in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after acquiring an additional 1,434 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. grew its position in shares of Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock valued at $53,000 after acquiring an additional 1,250 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.