Fortrea (NASDAQ:FTRE) Stock Rating Reaffirmed by William Blair

William Blair reaffirmed their market perform rating on shares of Fortrea (NASDAQ:FTRE) in a report released on Wednesday, Benzinga reports.

FTRE has been the topic of several other research reports. Bank of America lowered their price target on Fortrea from $26.00 to $21.00 and set an underperform rating on the stock in a report on Tuesday, August 13th. Evercore ISI downgraded Fortrea from an outperform rating to an in-line rating and lowered their price target for the company from $31.00 to $27.00 in a report on Thursday, August 8th. Mizuho assumed coverage on Fortrea in a report on Tuesday, May 28th. They set a neutral rating and a $27.00 price target on the stock. Robert W. Baird lowered their price target on Fortrea from $38.00 to $28.00 and set an outperform rating on the stock in a report on Tuesday, August 13th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Fortrea from $28.00 to $23.00 and set a hold rating on the stock in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortrea has an average rating of Hold and an average target price of $27.20.

Fortrea Trading Up 3.8 %

NASDAQ:FTRE opened at $21.39 on Wednesday. The stock’s 50 day moving average price is $23.87 and its 200 day moving average price is $29.37. Fortrea has a 52 week low of $18.07 and a 52 week high of $41.02. The company has a market capitalization of $1.92 billion, a P/E ratio of -15.39, a P/E/G ratio of 2.02 and a beta of 0.56. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.19 and a current ratio of 1.19.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $689.08 million. During the same quarter in the prior year, the company posted $0.52 EPS. The company’s quarterly revenue was down 8.6% on a year-over-year basis. On average, research analysts forecast that Fortrea will post 0.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. acquired a new stake in shares of Fortrea in the fourth quarter worth $347,110,000. Sessa Capital IM L.P. boosted its stake in Fortrea by 5.9% during the second quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company’s stock worth $157,545,000 after buying an additional 375,000 shares in the last quarter. Boston Partners boosted its stake in Fortrea by 3.2% during the first quarter. Boston Partners now owns 3,938,584 shares of the company’s stock worth $157,075,000 after buying an additional 121,126 shares in the last quarter. Baupost Group LLC MA boosted its stake in Fortrea by 933.7% during the second quarter. Baupost Group LLC MA now owns 3,140,360 shares of the company’s stock worth $73,296,000 after buying an additional 2,836,563 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Fortrea by 59.3% during the second quarter. Victory Capital Management Inc. now owns 2,466,181 shares of the company’s stock worth $57,561,000 after buying an additional 918,240 shares in the last quarter.

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.