Fortrea Holdings Inc. (NASDAQ:FTRE) Receives $37.29 Average PT from Analysts

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have received an average rating of “Hold” from the eight research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $37.29.

Several equities research analysts have recently weighed in on the company. William Blair assumed coverage on Fortrea in a research report on Friday, January 5th. They set a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Fortrea in a research note on Wednesday, March 6th. They issued a “hold” rating and a $36.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of Fortrea in a research note on Thursday, January 4th. They issued a “buy” rating and a $44.00 target price on the stock. Barclays lowered their target price on shares of Fortrea from $38.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, January 25th. Finally, Robert W. Baird assumed coverage on shares of Fortrea in a research note on Friday, March 22nd. They issued a “neutral” rating and a $43.00 target price on the stock.

Fortrea Stock Down 1.4 %

Shares of FTRE opened at $36.00 on Friday. The business’s 50-day moving average price is $37.60 and its 200-day moving average price is $33.26. Fortrea has a twelve month low of $24.92 and a twelve month high of $41.02. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.90.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Monday, March 11th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.04). The firm had revenue of $775.40 million during the quarter, compared to analysts’ expectations of $779.09 million. The company’s revenue was up 1.8% compared to the same quarter last year. On average, analysts predict that Fortrea will post 1.06 earnings per share for the current year.

Institutional Trading of Fortrea

A number of hedge funds have recently bought and sold shares of the company. Cardinal Capital Management lifted its position in Fortrea by 5.4% in the 1st quarter. Cardinal Capital Management now owns 30,721 shares of the company’s stock worth $1,233,000 after buying an additional 1,573 shares during the last quarter. Park Avenue Securities LLC lifted its position in Fortrea by 22.3% in the 1st quarter. Park Avenue Securities LLC now owns 10,353 shares of the company’s stock worth $416,000 after buying an additional 1,891 shares during the last quarter. CWM LLC lifted its position in Fortrea by 61.5% in the 1st quarter. CWM LLC now owns 3,798 shares of the company’s stock worth $152,000 after buying an additional 1,446 shares during the last quarter. PNC Financial Services Group Inc. bought a new stake in Fortrea in the 4th quarter worth approximately $750,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Fortrea in the 4th quarter worth approximately $3,246,000.

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.