Fortrea (NASDAQ:FTRE) Receives Market Perform Rating from William Blair

William Blair reiterated their market perform rating on shares of Fortrea (NASDAQ:FTRE) in a report issued on Friday,Benzinga reports.

A number of other brokerages have also recently commented on FTRE. Barclays decreased their target price on shares of Fortrea from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. The Goldman Sachs Group lowered their target price on Fortrea from $26.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, October 8th. TD Cowen reduced their price target on Fortrea from $27.00 to $23.00 and set a “hold” rating on the stock in a research report on Tuesday, August 13th. Bank of America lowered their price objective on Fortrea from $26.00 to $21.00 and set an “underperform” rating for the company in a research report on Tuesday, August 13th. Finally, Jefferies Financial Group lowered Fortrea from a “buy” rating to a “hold” rating and dropped their price objective for the company from $25.00 to $21.00 in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.60.

Fortrea Stock Performance

Shares of NASDAQ:FTRE traded up $5.45 during trading on Friday, hitting $23.50. 7,122,369 shares of the company were exchanged, compared to its average volume of 1,057,002. The stock has a 50 day moving average of $19.70 and a 200 day moving average of $24.17. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.19 and a quick ratio of 1.19. Fortrea has a 52-week low of $16.53 and a 52-week high of $41.02. The company has a market cap of $2.11 billion, a PE ratio of -7.21, a P/E/G ratio of 2.91 and a beta of 0.70.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $674.90 million during the quarter, compared to the consensus estimate of $674.86 million. Fortrea had a negative net margin of 10.09% and a positive return on equity of 1.98%. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 earnings per share. As a group, equities research analysts predict that Fortrea will post 0.59 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. nVerses Capital LLC bought a new position in shares of Fortrea during the second quarter valued at approximately $26,000. Gladius Capital Management LP bought a new stake in Fortrea in the second quarter worth $30,000. Hara Capital LLC purchased a new stake in shares of Fortrea in the third quarter worth $29,000. Blue Trust Inc. grew its stake in shares of Fortrea by 2,515.8% in the second quarter. Blue Trust Inc. now owns 1,491 shares of the company’s stock worth $35,000 after acquiring an additional 1,434 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Fortrea by 420.8% during the first quarter. Covestor Ltd now owns 2,083 shares of the company’s stock valued at $84,000 after acquiring an additional 1,683 shares in the last quarter.

Fortrea Company Profile

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.