Fortrea Holdings Inc. (NASDAQ:FTRE) Stock Has Consensus Target Price of $22.00

Fortrea Holdings Inc. (NASDAQ:FTRE) has been assigned an average recommendation of “Hold” from the twelve research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation and five have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $22.00.

A number of analysts have weighed in on the stock. Robert W. Baird set a $23.00 price target on shares of Fortrea in a report on Thursday, July 30th. Wall Street Zen downgraded shares of Fortrea from a “buy” rating to a “hold” rating in a report on Saturday, August 29th. TD Cowen upped their price objective on shares of Fortrea from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Truist Financial upped their price objective on shares of Fortrea from $19.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Barclays increased their target price on shares of Fortrea from $18.00 to $22.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $21.11 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.98. The business’s 50 day moving average is $18.81 and its two-hundred day moving average is $15.69. The company has a market cap of $2.01 billion, a P/E ratio of -23.20, a P/E/G ratio of 0.48 and a beta of 1.93. Fortrea has a 12 month low of $8.55 and a 12 month high of $21.39.

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

Insider Buying and Selling

In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $19.16, for a total value of $1,913,490.04. Following the completion of the sale, the chief executive officer owned 316,797 shares in the company, valued at approximately $6,069,830.52. This trade represents a 23.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.73% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Wellington Management Group LLP bought a new stake in Fortrea during the second quarter worth about $41,488,000. Dimensional Fund Advisors LP increased its holdings in shares of Fortrea by 163.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,299,862 shares of the company’s stock worth $12,241,000 after buying an additional 807,081 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Fortrea by 81.4% in the first quarter. Renaissance Technologies LLC now owns 1,432,709 shares of the company’s stock valued at $13,496,000 after acquiring an additional 643,000 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of Fortrea in the first quarter valued at approximately $2,990,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Fortrea by 3.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 8,272,597 shares of the company’s stock worth $142,702,000 after acquiring an additional 293,992 shares in the last quarter.

Fortrea Company Profile

Fortrea Holdings Inc is a global contract research organization (CRO) that provides services to pharmaceutical, biotechnology and medical device companies. The company supports the development and commercialization of healthcare products across a range of therapeutic areas.

Its services include clinical trial management, study design, patient recruitment and engagement, data management, biostatistics, regulatory support, medical affairs and post-approval services. Fortrea also provides technology-enabled and decentralized clinical trial solutions intended to help sponsors conduct research across traditional and remote settings.

Fortrea serves customers internationally, with operations and clinical trial capabilities spanning North America, Europe, Asia-Pacific and other global markets.