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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been given an average recommendation of “Reduce” by the twelve analysts that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating and eleven have assigned a hold rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $19.00.

FTRE has been the subject of several recent analyst reports. The Goldman Sachs Group lowered their target price on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Baird R W downgraded Fortrea from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 6th. Citigroup downgraded Fortrea from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Barclays lowered their price target on Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Finally, William Blair reissued a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th.

Insider Buying and Selling at Fortrea

In other news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the sale, the chief executive officer now 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 12,386 shares of company stock valued at $219,751 over the last ninety days. Corporate insiders own 0.12% of the company’s stock.

Institutional Trading of Fortrea

Several large investors have recently bought and sold shares of FTRE. JPMorgan Chase & Co. boosted its holdings in Fortrea by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock valued at $7,288,000 after purchasing an additional 63,766 shares during the last quarter. Starboard Value LP lifted its holdings in shares of Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after purchasing an additional 400,000 shares during the last quarter. State Street Corp grew its stake in Fortrea by 7.7% during the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock worth $65,014,000 after buying an additional 233,577 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Fortrea by 9.0% in the third quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock worth $9,909,000 after buying an additional 40,748 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its stake in Fortrea by 20.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,197,696 shares of the company’s stock valued at $23,954,000 after buying an additional 204,021 shares during the last quarter.

Fortrea Stock Down 1.8 %

FTRE opened at $10.05 on Wednesday. The business’s fifty day simple moving average is $15.82 and its 200 day simple moving average is $18.60. Fortrea has a 52 week low of $9.55 and a 52 week high of $41.02. The firm has a market cap of $906.51 million, a P/E ratio of -2.94, a PEG ratio of 1.78 and a beta of 1.34. 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 released its quarterly earnings results on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). The firm had revenue of $697.00 million for the quarter, compared to analyst estimates of $703.22 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. During the same period in the prior year, the business earned $0.19 earnings per share. As a group, equities research analysts anticipate that Fortrea will post 0.51 EPS for the current fiscal year.

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.