Fortrea (NASDAQ:FTRE) Stock Rating Raised to Hold at UBS Group

UBS Group upgraded shares of Fortrea (NASDAQ:FTRE) to a hold rating in a research note released on Wednesday,Zacks reports.

Other research analysts have also recently issued reports about the company. Evercore reiterated an “outperform” rating on shares of Fortrea in a research report on Wednesday, July 29th. Truist Financial upped their price objective on Fortrea from $19.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Citigroup raised their price objective on shares of Fortrea from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. TD Cowen lifted their target price on shares of Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $20.00 target price on shares of Fortrea in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $22.00.

Fortrea Price Performance

Shares of FTRE opened at $19.95 on Wednesday. The business’s 50-day moving average is $18.77 and its two-hundred day moving average is $15.46. The company has a market capitalization of $1.90 billion, a P/E ratio of -21.92, a P/E/G ratio of 0.48 and a beta of 1.97. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96. Fortrea has a fifty-two week low of $8.39 and a fifty-two week high of $21.39.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.05. The business had revenue of $678.20 million during the quarter, compared to analyst estimates of $647.57 million. Fortrea had a positive return on equity of 10.72% and a negative net margin of 3.18%. Research analysts predict that Fortrea will post 0.85 earnings per share for the current year.

Insiders Place Their Bets

In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total transaction of $1,913,490.04. Following the transaction, the chief executive officer owned 316,797 shares in the company, 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 SEC, which can be accessed through this hyperlink. 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 Trading of Fortrea

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP raised its stake in shares of Fortrea by 22.3% during the 2nd quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock worth $68,000 after buying an additional 716 shares during the period. EverSource Wealth Advisors LLC grew its stake in Fortrea by 9.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock valued at $103,000 after acquiring an additional 953 shares during the period. Amundi grew its stake in Fortrea by 20.2% in the 1st quarter. Amundi now owns 12,490 shares of the company’s stock valued at $118,000 after acquiring an additional 2,101 shares during the period. KBC Group NV increased its holdings in Fortrea by 9.1% in the 1st quarter. KBC Group NV now owns 33,262 shares of the company’s stock worth $313,000 after acquiring an additional 2,762 shares in the last quarter. Finally, Ancora Advisors LLC purchased a new stake in Fortrea in the 2nd quarter worth $59,000.

Fortrea Company Profile

Fortrea Holdings Inc (NASDAQ:FTRE) is a global contract research organization (CRO) that provides clinical development and related services to pharmaceutical, biotechnology and medical device companies. The company supports sponsors as they plan, manage and evaluate clinical studies designed to bring new medicines and therapies to market.

Fortrea’s services span clinical trial management, patient recruitment and engagement, data management, biostatistics, medical monitoring, regulatory support and clinical pharmacology.