Fortrea (NASDAQ:FTRE) Price Target Raised to $24.00

Fortrea (NASDAQ:FTRE) had its price objective lifted by UBS Group from $22.00 to $24.00 in a research report released on Tuesday morning, Marketbeat.com reports. They currently have a neutral rating on the stock.

Several other research analysts have also recently commented on the stock. Zacks Research cut shares of Fortrea from a “hold” rating to a “strong sell” rating in a report on Monday, October 12th. Truist Financial increased their price objective on shares of Fortrea from $19.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Barclays upgraded shares of Fortrea from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $22.00 to $23.00 in a report on Tuesday, October 6th. Mizuho lifted their price objective on shares of Fortrea from $13.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, July 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fortrea in a research report on Thursday, October 15th. Seven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Fortrea has an average rating of “Hold” and a consensus target price of $22.80.

Fortrea Stock Down 0.6%

FTRE stock opened at $23.92 on Tuesday. The company’s 50 day moving average price is $19.58 and its 200 day moving average price is $16.82. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96. Fortrea has a fifty-two week low of $8.55 and a fifty-two week high of $24.84. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -26.29, a PEG ratio of 0.58 and a beta of 1.93.

Fortrea (NASDAQ:FTRE) last issued its earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.05. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. The firm had revenue of $678.20 million for the quarter, compared to analysts’ expectations of $647.57 million. On average, equities research analysts anticipate that Fortrea will post 0.86 EPS for the current fiscal year.

Insider Activity at Fortrea

In other news, CEO Anshul Thakral sold 99,869 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the sale, the chief executive officer owned 316,797 shares of the company’s stock, valued at approximately $6,069,830.52. This trade represents a 23.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On Fortrea

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ancora Advisors LLC purchased a new position in Fortrea in the second quarter valued at approximately $59,000. Allworth Financial LP raised its holdings in Fortrea by 22.3% during the second quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock worth $68,000 after purchasing an additional 716 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Fortrea during the second quarter worth approximately $115,000. Essential Partners LLC raised its holdings in Fortrea by 140.2% during the first quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock worth $91,000 after purchasing an additional 5,647 shares in the last quarter. Finally, HB Wealth Management LLC purchased a new stake in shares of Fortrea during the 2nd quarter worth approximately $177,000.

Fortrea Company Profile

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company helps clients plan, manage and execute clinical development programs, supporting the testing of new medicines and therapies from early-stage research through regulatory approval and post-approval activities.

Its services include Phase I through Phase IV clinical trials, clinical operations, patient recruitment and access, data management, biostatistics, medical monitoring, pharmacovigilance and regulatory support.