Fortrea (NASDAQ:FTRE) Given Market Perform Rating at William Blair

Fortrea (NASDAQ:FTRE)‘s stock had its “market perform” rating reissued by equities researchers at William Blair in a research report issued on Friday,Benzinga reports.

A number of other equities research analysts also recently issued reports on FTRE. The Goldman Sachs Group cut their price objective on shares of Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, October 8th. Citigroup cut their price target on Fortrea from $42.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Barclays decreased their price objective on Fortrea from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft cut their price objective on Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research note on Tuesday, August 20th. Finally, Robert W. Baird decreased their target price on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $23.60.

Fortrea Stock Performance

FTRE stock traded up $5.74 during trading on Friday, reaching $23.79. The stock had a trading volume of 5,020,718 shares, compared to its average volume of 1,287,437. The firm has a market cap of $2.13 billion, a PE ratio of -7.30, a PEG ratio of 2.72 and a beta of 0.70. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77. The stock’s 50 day moving average is $19.69 and its two-hundred day moving average is $24.25. Fortrea has a 52 week low of $16.53 and a 52 week high of $41.02.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. Fortrea’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned $0.24 EPS. As a group, equities analysts anticipate that Fortrea will post 0.59 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

Hedge funds have recently modified their holdings of the stock. Sei Investments Co. grew its stake in Fortrea by 311.2% during the first quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after acquiring an additional 59,690 shares in the last quarter. First Eagle Investment Management LLC boosted its holdings in shares of Fortrea by 171.6% during the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock valued at $10,793,000 after purchasing an additional 169,882 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Fortrea by 466.0% during the first quarter. Russell Investments Group Ltd. now owns 82,428 shares of the company’s stock valued at $3,309,000 after purchasing an additional 67,865 shares in the last quarter. Penn Davis Mcfarland Inc. increased its holdings in shares of Fortrea by 86.4% in the third quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock worth $21,944,000 after purchasing an additional 508,664 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. bought a new stake in shares of Fortrea in the second quarter worth about $23,192,000.

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.