Fortrea (NASDAQ:FTRE) Price Target Lowered to $10.00 at Mizuho

Fortrea (NASDAQ:FTRE) had its price objective lowered by stock analysts at Mizuho from $12.00 to $10.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price objective points to a potential upside of 91.94% from the company’s previous close.

Several other analysts have also recently weighed in on FTRE. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Barclays reduced their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Evercore ISI lowered their price objective on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research report on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on Fortrea in a research note on Tuesday, March 4th. Finally, The Goldman Sachs Group lowered their price target on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. Based on data from MarketBeat, Fortrea has an average rating of “Hold” and an average price target of $16.70.

Fortrea Price Performance

Fortrea stock opened at $5.21 on Wednesday. The company has a market capitalization of $469.94 million, a PE ratio of -1.52, a P/E/G ratio of 1.78 and a beta of 2.10. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a 50-day moving average price of $10.98 and a two-hundred day moving average price of $16.30. Fortrea has a 12 month low of $5.15 and a 12 month high of $39.49.

Fortrea (NASDAQ:FTRE) last posted its earnings results on Monday, March 3rd. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The business had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. During the same quarter in the prior year, the business earned $0.19 earnings per share. Analysts expect that Fortrea will post 0.51 EPS for the current year.

Insider Transactions at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the transaction, the chief executive officer now directly owns 159,868 shares of the company’s stock, valued at $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 13,029 shares of company stock valued at $226,168 in the last quarter. 0.12% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortrea

Several institutional investors have recently made changes to their positions in FTRE. Verition Fund Management LLC bought a new stake in Fortrea in the 3rd quarter valued at about $220,000. Centiva Capital LP acquired a new stake in Fortrea in the third quarter valued at approximately $220,000. Janus Henderson Group PLC increased its holdings in shares of Fortrea by 2.0% during the third quarter. Janus Henderson Group PLC now owns 41,292 shares of the company’s stock valued at $825,000 after acquiring an additional 792 shares in the last quarter. State Street Corp raised its position in shares of Fortrea by 7.7% during the third quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after purchasing an additional 233,577 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Fortrea by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,502,546 shares of the company’s stock worth $30,059,000 after purchasing an additional 20,825 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.