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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have earned a consensus rating of “Reduce” from the twelve ratings firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and eleven have given a hold recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $19.00.

Several equities analysts have commented on FTRE shares. The Goldman Sachs Group dropped their price target on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 6th. Barclays decreased their price objective on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and cut their target price for the stock from $30.00 to $23.00 in a research report on Wednesday, December 11th. Finally, Evercore ISI decreased their target price on Fortrea from $20.00 to $15.00 and set an “in-line” rating for the company in a research report on Tuesday, March 4th.

Insider Buying and Selling at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now directly 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 transaction was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders have sold 13,029 shares of company stock worth $226,168. 0.12% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fortrea

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fortrea during the fourth quarter worth $30,000. GF Fund Management CO. LTD. acquired a new position in shares of Fortrea during the 4th quarter worth $35,000. Covestor Ltd increased its holdings in shares of Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock valued at $81,000 after purchasing an additional 1,593 shares in the last quarter. Quarry LP lifted its stake in shares of Fortrea by 1,218.7% in the fourth quarter. Quarry LP now owns 4,365 shares of the company’s stock valued at $81,000 after purchasing an additional 4,034 shares during the period. Finally, Cullen Frost Bankers Inc. boosted its holdings in Fortrea by 31.9% during the fourth 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 in the last quarter.

Fortrea Stock Down 3.9 %

Shares of NASDAQ:FTRE opened at $8.03 on Friday. Fortrea has a fifty-two week low of $8.00 and a fifty-two week high of $40.63. The firm’s 50 day moving average price is $13.39 and its 200 day moving average price is $17.47. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a market cap of $724.31 million, a price-to-earnings ratio of -2.35, a price-to-earnings-growth ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The firm had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same quarter in the previous year, the business posted $0.19 earnings per share. As a group, equities research analysts predict that Fortrea will post 0.51 earnings per share for the current fiscal 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.