Fortrea (NASDAQ:FTRE) PT Lowered to $21.00 at Barclays

Fortrea (NASDAQ:FTRE) had its target price cut by Barclays from $30.00 to $21.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts have also recently weighed in on FTRE. The Goldman Sachs Group started coverage on shares of Fortrea in a research report on Thursday, June 6th. They set a neutral rating and a $28.00 price objective for the company. Bank of America dropped their target price on shares of Fortrea from $27.00 to $26.00 and set an underperform rating for the company in a report on Thursday, July 18th. William Blair reaffirmed a market perform rating on shares of Fortrea in a report on Monday. Robert W. Baird dropped their target price on shares of Fortrea from $38.00 to $28.00 and set an outperform rating for the company in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Fortrea from $36.00 to $28.00 and set a hold rating for the company in a report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $27.70.

Fortrea Stock Performance

Shares of FTRE traded up $0.64 during trading hours on Tuesday, hitting $23.06. The stock had a trading volume of 47,181 shares, compared to its average volume of 1,200,381. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a 50-day moving average price of $24.75 and a 200 day moving average price of $31.12. Fortrea has a fifty-two week low of $18.07 and a fifty-two week high of $41.02. The firm has a market capitalization of $2.06 billion and a price-to-earnings ratio of -16.13.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The company had revenue of $662.40 million for the quarter, compared to analyst estimates of $689.08 million. Fortrea had a positive return on equity of 4.76% and a negative net margin of 4.11%. The business’s revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 earnings per share. As a group, research analysts anticipate that Fortrea will post 0.72 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Thomas Pike acquired 10,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were bought at an average price of $24.81 per share, with a total value of $248,100.00. Following the completion of the acquisition, the chief executive officer now owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Thomas Pike acquired 10,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were bought at an average price of $24.81 per share, with a total value of $248,100.00. Following the completion of the acquisition, the chief executive officer now owns 57,827 shares in the company, valued at $1,434,687.87. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel James S. Hanson acquired 2,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were bought at an average cost of $25.30 per share, for a total transaction of $50,600.00. Following the acquisition, the general counsel now owns 7,475 shares of the company’s stock, valued at approximately $189,117.50. The disclosure for this purchase can be found here. 0.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

A number of hedge funds have recently modified their holdings of FTRE. nVerses Capital LLC purchased a new position in shares of Fortrea during the second quarter worth approximately $26,000. Glassman Wealth Services acquired a new stake in Fortrea in the fourth quarter valued at $28,000. Gladius Capital Management LP acquired a new stake in Fortrea in the second quarter valued at $30,000. Concord Wealth Partners lifted its holdings in Fortrea by 152.8% in the first quarter. Concord Wealth Partners now owns 862 shares of the company’s stock valued at $35,000 after acquiring an additional 521 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock valued at $35,000 after acquiring an additional 1,434 shares during the period.

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.