Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Average Recommendation of “Hold” from Brokerages

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have been assigned a consensus recommendation of “Hold” from the twelve ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $27.20.

A number of equities research analysts have recently commented on FTRE shares. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Fortrea from $28.00 to $23.00 and set a “hold” rating for the company in a research report on Tuesday. William Blair reissued a “market perform” rating on shares of Fortrea in a research note on Monday, August 12th. Robert W. Baird dropped their price target on Fortrea from $38.00 to $28.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. Mizuho assumed coverage on Fortrea in a research report on Tuesday, May 28th. They set a “neutral” rating and a $27.00 price objective on the stock. Finally, TD Cowen dropped their target price on Fortrea from $27.00 to $23.00 and set a “hold” rating for the company in a report on Tuesday, August 13th.

Insider Buying and Selling

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

Institutional Investors Weigh In On Fortrea

Several institutional investors and hedge funds have recently modified their holdings of the company. Sei Investments Co. boosted its holdings in Fortrea by 311.2% during the 1st quarter. Sei Investments Co. now owns 78,873 shares of the company’s stock valued at $3,165,000 after acquiring an additional 59,690 shares during the period. Cohen Capital Management Inc. purchased a new position in shares of Fortrea in the fourth quarter valued at approximately $1,873,000. Jennison Associates LLC acquired a new position in shares of Fortrea in the first quarter valued at approximately $6,560,000. First Eagle Investment Management LLC increased its stake in Fortrea by 171.6% during the 1st quarter. First Eagle Investment Management LLC now owns 268,882 shares of the company’s stock worth $10,793,000 after buying an additional 169,882 shares during the period. Finally, Amalgamated Bank acquired a new stake in Fortrea during the 4th quarter worth approximately $1,320,000.

Fortrea Trading Up 2.9 %

FTRE stock opened at $22.03 on Friday. The business’s 50-day moving average is $24.39 and its 200 day moving average is $30.74. Fortrea has a 12-month low of $18.07 and a 12-month high of $41.02. The stock has a market cap of $1.97 billion and a price-to-earnings ratio of -15.85. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.98.

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

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.