Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Has Consensus Price Target of $22.00

Fortrea Holdings Inc. (NASDAQ:FTRE) has been given a consensus recommendation of “Hold” by the twelve research firms that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $22.10.

Several research firms have weighed in on FTRE. UBS Group started coverage on shares of Fortrea in a research report on Wednesday, September 30th. They set a “neutral” rating and a $22.00 target price on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $20.00 price target on shares of Fortrea in a report on Thursday, July 30th. Barclays upgraded shares of Fortrea from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $22.00 to $23.00 in a research note on Tuesday. TD Cowen upped their target price on Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research note on Friday, July 17th.

Fortrea Price Performance

Shares of FTRE stock opened at $20.56 on Thursday. Fortrea has a fifty-two week low of $8.55 and a fifty-two week high of $23.51. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -22.59, a PEG ratio of 0.50 and a beta of 1.93. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96. The stock’s 50-day simple moving average is $18.82 and its 200-day simple moving average is $15.84.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.05. The firm had revenue of $678.20 million for the quarter, compared to the consensus estimate of $647.57 million. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. As a group, equities analysts forecast that Fortrea will post 0.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Anshul Thakral sold 99,869 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total value of $1,913,490.04. Following the transaction, the chief executive officer directly owned 316,797 shares of the company’s stock, valued at approximately $6,069,830.52. This represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a document filed 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.

Institutional Investors Weigh In On Fortrea

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wellington Management Group LLP acquired a new stake in Fortrea during the second quarter worth about $41,488,000. Dimensional Fund Advisors LP lifted its holdings in Fortrea by 163.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock valued at $12,241,000 after acquiring an additional 807,081 shares during the period. Renaissance Technologies LLC lifted its holdings in Fortrea by 81.4% in the first quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company’s stock valued at $13,496,000 after acquiring an additional 643,000 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in Fortrea in the 1st quarter worth approximately $2,990,000. Finally, Goldman Sachs Group Inc. boosted its position in Fortrea by 3.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after purchasing an additional 293,992 shares in the last quarter.

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 supports the development and commercialization of healthcare products across a range of therapeutic areas.

Its services include clinical trial management, study design, patient recruitment and engagement, data management, biostatistics, regulatory support, medical affairs and post-approval services. Fortrea also provides technology-enabled and decentralized clinical trial solutions intended to help sponsors conduct research across traditional and remote settings.

Fortrea serves customers internationally, with operations and clinical trial capabilities spanning North America, Europe, Asia-Pacific and other global markets.