Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Average Rating of “Reduce” from Brokerages

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have received a consensus rating of “Reduce” from the twelve brokerages that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and eleven have issued a hold rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $23.30.

Several research firms have recently issued reports on FTRE. Baird R W lowered Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th. Barclays raised their target price on shares of Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Citigroup downgraded shares of Fortrea from a “buy” rating to a “neutral” rating and cut their price target for the stock from $30.00 to $23.00 in a report on Wednesday, December 11th. Finally, Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $28.00 to $25.00 in a research note on Friday, December 6th.

Insiders Place Their Bets

In other news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, the chief executive officer now directly owns 159,868 shares in the company, valued at approximately $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Fortrea

Institutional investors have recently added to or reduced their stakes in the business. AlphaQuest LLC bought a new position in shares of Fortrea during the fourth quarter valued at $117,000. Raymond James Financial Inc. bought a new position in Fortrea during the 4th quarter worth $1,082,000. Cullen Frost Bankers Inc. lifted its holdings in Fortrea by 31.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,633 shares of the company’s stock worth $105,000 after buying an additional 1,361 shares during the period. Assetmark Inc. grew its position in shares of Fortrea by 154.9% in the 4th quarter. Assetmark Inc. now owns 41,395 shares of the company’s stock valued at $772,000 after buying an additional 25,157 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Fortrea by 3.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 612,897 shares of the company’s stock valued at $11,431,000 after buying an additional 22,469 shares during the period.

Fortrea Price Performance

Shares of Fortrea stock opened at $14.91 on Friday. The company has a 50-day simple moving average of $18.74 and a two-hundred day simple moving average of $20.36. Fortrea has a twelve month low of $14.84 and a twelve month high of $41.02. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -4.36, a price-to-earnings-growth ratio of 1.92 and a beta of 1.21. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. The company had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 earnings per share. Analysts forecast that Fortrea will post 0.51 EPS for the current year.

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.