Fortrea (NASDAQ:FTRE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Fortrea (NASDAQ:FTRE) from a hold rating to a buy rating in a report issued on Sunday.

A number of other brokerages also recently issued reports on FTRE. Zacks Research upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research note on Wednesday, October 8th. Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 4th. Mizuho upped their price target on Fortrea from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Barclays upped their price target on Fortrea from $6.00 to $8.00 and gave the company an “underweight” rating in a research report on Thursday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $12.39.

Fortrea Trading Down 0.3%

Shares of Fortrea stock opened at $10.39 on Friday. The stock has a fifty day simple moving average of $9.49 and a 200 day simple moving average of $6.84. Fortrea has a 12-month low of $3.97 and a 12-month high of $25.28. The company has a market capitalization of $943.41 million, a P/E ratio of -0.91, a price-to-earnings-growth ratio of 0.44 and a beta of 1.81. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, May 24th. The company reported $0.37 earnings per share (EPS) for the quarter. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%.The business had revenue of $693.90 million during the quarter. On average, sell-side analysts anticipate that Fortrea will post 0.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Erin L. Russell acquired 9,854 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were acquired at an average price of $10.15 per share, with a total value of $100,018.10. Following the acquisition, the director owned 9,854 shares of the company’s stock, valued at approximately $100,018.10. This trade represents a ? increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Peter M. Neupert acquired 32,500 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The shares were bought at an average cost of $6.26 per share, for a total transaction of $203,450.00. Following the acquisition, the director directly owned 98,132 shares in the company, valued at $614,306.32. This represents a 49.52% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. 0.38% of the stock is currently owned by insiders.

Institutional Trading of Fortrea

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP lifted its holdings in Fortrea by 6,802.4% during the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after purchasing an additional 5,578 shares in the last quarter. Brooklyn Investment Group lifted its holdings in Fortrea by 9,577.5% during the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after purchasing an additional 3,831 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after purchasing an additional 2,918 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Fortrea during the 1st quarter worth about $39,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Fortrea by 137.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,713 shares of the company’s stock worth $43,000 after purchasing an additional 5,036 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.