Fortrea (NASDAQ:FTRE) Price Target Cut to $11.00 by Analysts at The Goldman Sachs Group

Fortrea (NASDAQ:FTRE) had its price objective reduced by equities researchers at The Goldman Sachs Group from $22.00 to $11.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 7.26% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and lowered their price target for the company from $30.00 to $23.00 in a report on Wednesday, December 11th. Robert W. Baird cut Fortrea from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $28.00 to $25.00 in a report on Friday, December 6th. TD Cowen upped their price objective on Fortrea from $23.00 to $25.00 and gave the company a “hold” rating in a report on Monday, November 11th. Barclays lowered their price objective on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, William Blair restated a “market perform” rating on shares of Fortrea in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $20.80.

Fortrea Stock Performance

FTRE opened at $10.26 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a market cap of $919.87 million, a price-to-earnings ratio of -2.92, a PEG ratio of 1.78 and a beta of 1.34. Fortrea has a 12-month low of $9.55 and a 12-month high of $41.02. The business has a 50 day moving average of $16.81 and a 200-day moving average of $19.09.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period last year, the firm earned $0.19 earnings per share. On average, equities research analysts expect that Fortrea will post 0.51 earnings per share for the current year.

Insider Transactions at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. This represents a 6.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 12,386 shares of company stock worth $219,751 over the last ninety days. 0.12% of the stock is owned by insiders.

Institutional Investors Weigh In On Fortrea

A number of hedge funds have recently added to or reduced their stakes in FTRE. Hara Capital LLC bought a new position in shares of Fortrea during the 3rd quarter worth approximately $29,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Fortrea in the fourth quarter valued at $30,000. GF Fund Management CO. LTD. acquired a new position in shares of Fortrea during the fourth quarter valued at about $35,000. Covestor Ltd boosted its position in shares of Fortrea by 102.4% during the 3rd quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after purchasing an additional 1,398 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Fortrea by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock valued at $64,000 after buying an additional 572 shares in the last quarter.

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.