Recent Research Analysts’ Ratings Changes for Fortrea (FTRE)

A number of firms have modified their ratings and price targets on shares of Fortrea (NASDAQ: FTRE) recently:

• 10/15/2024 – Fortrea had its price target lowered by analysts at Barclays PLC from $21.00 to $20.00. They now have an “equal weight” rating on the stock.
• 10/8/2024 – Fortrea had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $26.00 to $23.00. They now have a “neutral” rating on the stock.
• 10/8/2024 – Fortrea had its price target lowered by analysts at Evercore ISI from $22.00 to $20.00. They now have an “in-line” rating on the stock.
• 9/25/2024 – Fortrea was downgraded by analysts at Jefferies Financial Group Inc. from a “buy” rating to a “hold” rating. They now have a $21.00 price target on the stock, down previously from $25.00.
• 9/11/2024 – Fortrea had its “market perform” rating reaffirmed by analysts at William Blair.
• 8/20/2024 – Fortrea had its price target lowered by analysts at Deutsche Bank Aktiengesellschaft from $28.00 to $23.00. They now have a “hold” rating on the stock.

Fortrea Stock Performance

Fortrea stock traded up $0.11 during midday trading on Wednesday, hitting $19.08. 176,953 shares of the company’s stock were exchanged, compared to its average volume of 1,276,271. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of -13.73, a price-to-earnings-growth ratio of 2.37 and a beta of 0.54. Fortrea Holdings Inc. has a 12-month low of $18.04 and a 12-month high of $41.02. The firm’s 50 day simple moving average is $21.31 and its 200 day simple moving average is $26.50.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The company had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same quarter last year, the firm earned $0.52 EPS. The business’s revenue was down 8.6% on a year-over-year basis. Equities research analysts predict that Fortrea Holdings Inc. will post 0.59 EPS for the current year.

Institutional Investors Weigh In On Fortrea

Hedge funds have recently modified their holdings of the stock. nVerses Capital LLC purchased a new position in shares of Fortrea during the 2nd quarter worth approximately $26,000. Gladius Capital Management LP purchased a new position in Fortrea in the second quarter worth $30,000. Concord Wealth Partners lifted its holdings in Fortrea by 152.8% in the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after acquiring an additional 521 shares during the period. Blue Trust Inc. boosted its position in shares of Fortrea by 2,515.8% during the 2nd quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after purchasing an additional 1,434 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. grew its stake in shares of Fortrea by 125.0% during the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 2,250 shares of the company’s stock worth $53,000 after purchasing an additional 1,250 shares during the period.

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.