Fortrea (NASDAQ:FTRE) Stock Rating Lowered by Mizuho

Fortrea (NASDAQ:FTRE) was downgraded by investment analysts at Mizuho from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Wednesday, FinViz reports. They presently have a $19.00 target price on the stock, up from their prior target price of $16.00. Mizuho‘s price target suggests a potential downside of 11.17% from the stock’s previous close.

FTRE has been the topic of several other research reports. Robert W. Baird set a $23.00 price target on shares of Fortrea in a report on Thursday, July 30th. William Blair raised shares of Fortrea to a “hold” rating in a research report on Wednesday, July 29th. Evercore reissued an “outperform” rating on shares of Fortrea in a research report on Wednesday, July 29th. UBS Group raised their target price on shares of Fortrea from $22.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, October 20th. Finally, TD Cowen upped their price target on shares of Fortrea from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $24.23.

Fortrea Stock Performance

Shares of NASDAQ:FTRE opened at $21.39 on Wednesday. The business has a 50-day moving average of $20.64 and a two-hundred day moving average of $15.90. The firm has a market capitalization of $2.06 billion, a PE ratio of -29.30, a P/E/G ratio of 0.56 and a beta of 1.88. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.97 and a quick ratio of 0.97. Fortrea has a 12 month low of $8.55 and a 12 month high of $26.16.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.06. Fortrea had a positive return on equity of 13.98% and a negative net margin of 2.58%. The business had revenue of $691.50 million for the quarter, compared to analyst estimates of $671.57 million. As a group, research analysts forecast that Fortrea will post 0.85 earnings per share for the current year.

Hedge Funds Weigh In On Fortrea

Several hedge funds and other institutional investors have recently bought and sold shares of FTRE. Financial Management Professionals Inc. purchased a new position in Fortrea in the 3rd quarter worth approximately $30,000. Ancora Advisors LLC purchased a new stake in shares of Fortrea during the second quarter valued at approximately $59,000. Allworth Financial LP raised its stake in shares of Fortrea by 22.3% during the second quarter. Allworth Financial LP now owns 3,923 shares of the company’s stock valued at $68,000 after purchasing an additional 716 shares during the period. Essential Partners LLC lifted its position in shares of Fortrea by 140.2% during the first quarter. Essential Partners LLC now owns 9,675 shares of the company’s stock worth $91,000 after purchasing an additional 5,647 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Fortrea during the third quarter worth $97,000.

Fortrea Company Profile

Fortrea Holdings Inc. is a global contract research organization that provides clinical development and patient access services to pharmaceutical, biotechnology and medical device companies. The company supports the development of medicines and medical products from early research through later-stage clinical trials and post-approval studies. Its services include clinical trial planning and management, clinical pharmacology, patient recruitment and engagement, data management, regulatory support and related consulting.