TD Cowen Issues Positive Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea (NASDAQ:FTRE) had its price target increased by TD Cowen from $23.00 to $25.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “hold” rating on the stock. TD Cowen’s price objective points to a potential upside of 13.90% from the stock’s previous close.

FTRE has been the subject of several other research reports. Robert W. Baird upped their price target on shares of Fortrea from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday. Evercore ISI decreased their price target on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday, August 20th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Friday, November 8th. Finally, The Goldman Sachs Group cut 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. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $24.50.

Fortrea Stock Down 3.5 %

FTRE opened at $21.95 on Monday. Fortrea has a twelve month low of $16.53 and a twelve month high of $41.02. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average price of $19.69 and a 200-day moving average price of $23.79. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of -6.42, a PEG ratio of 3.78 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last released 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 firm had revenue of $674.90 million for the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. Fortrea’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 earnings per share. Equities research analysts forecast that Fortrea will post 0.59 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its holdings in shares of Fortrea by 5,021,169.7% in the third quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after buying an additional 6,125,827 shares in the last quarter. Baupost Group LLC MA boosted its holdings in shares of Fortrea by 933.7% during the 2nd quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock valued at $73,296,000 after purchasing an additional 2,836,563 shares during the last quarter. Magnetar Financial LLC grew its position in shares of Fortrea by 228.6% during the second quarter. Magnetar Financial LLC now owns 1,985,854 shares of the company’s stock valued at $46,350,000 after purchasing an additional 1,381,489 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new stake in shares of Fortrea in the second quarter worth about $23,192,000. Finally, Victory Capital Management Inc. lifted its position in shares of Fortrea by 59.3% in the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock worth $57,561,000 after buying an additional 918,240 shares in the last quarter.

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.