Fortrea Holdings Inc. (NASDAQ:FTRE) Receives $11.69 Average Price Target from Analysts

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have received a consensus recommendation of “Hold” from the thirteen research firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $11.6875.

FTRE has been the topic of a number of recent analyst reports. Evercore ISI set a $14.00 target price on Fortrea in a research note on Thursday, November 6th. Mizuho set a $11.00 price objective on shares of Fortrea in a report on Friday, November 7th. Citigroup reiterated a “neutral” rating on shares of Fortrea in a research note on Tuesday, October 7th. Barclays increased their target price on shares of Fortrea from $8.00 to $10.00 and gave the company an “underweight” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research note on Wednesday, October 8th.

Fortrea Price Performance

Shares of NASDAQ FTRE opened at $14.24 on Friday. The company has a market capitalization of $1.32 billion, a PE ratio of -1.27, a PEG ratio of 0.67 and a beta of 1.75. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.81. The stock’s 50 day moving average price is $10.79 and its 200-day moving average price is $8.22. Fortrea has a twelve month low of $3.97 and a twelve month high of $23.22.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). Fortrea had a positive return on equity of 5.64% and a negative net margin of 36.77%.The business had revenue of $701.30 million for the quarter, compared to the consensus estimate of $643.43 million. On average, equities analysts anticipate that Fortrea will post 0.51 EPS for the current year.

Insider Activity

In other Fortrea news, CFO Jill G. Mcconnell sold 3,156 shares of the business’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $10.23, for a total value of $32,285.88. Following the sale, the chief financial officer directly owned 58,770 shares in the company, valued at $601,217.10. The trade was a 5.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 5,425 shares of company stock valued at $55,498 in the last 90 days. Insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On Fortrea

Several large investors have recently added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in Fortrea by 6,802.4% during the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after purchasing an additional 5,578 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Fortrea by 214.3% in the third quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $28,000 after purchasing an additional 2,278 shares during the period. Brooklyn Investment Group raised its position in shares of Fortrea by 9,577.5% in the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock valued at $29,000 after purchasing an additional 3,831 shares during the period. Osaic Holdings Inc. lifted its stake in shares of Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after buying an additional 2,918 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Fortrea in the 1st quarter worth approximately $39,000.

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.