Fortrea (NASDAQ:FTRE) Given New $23.00 Price Target at Deutsche Bank Aktiengesellschaft

Fortrea (NASDAQ:FTRE) had its price objective decreased by Deutsche Bank Aktiengesellschaft from $28.00 to $23.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock.

A number of other research firms have also weighed in on FTRE. Citigroup decreased their price target on Fortrea from $42.00 to $30.00 and set a buy rating for the company in a research report on Tuesday, August 13th. William Blair reiterated a market perform rating on shares of Fortrea in a research report on Monday, August 12th. TD Cowen decreased their price target on Fortrea from $27.00 to $23.00 and set a hold rating for the company in a research report on Tuesday, August 13th. Barclays reduced their price objective on Fortrea from $30.00 to $21.00 and set an equal weight rating for the company in a research note on Tuesday, August 13th. Finally, Mizuho assumed coverage on Fortrea in a research note on Tuesday, May 28th. They issued a neutral rating and a $27.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average price target of $27.20.

Fortrea Trading Up 2.9 %

Shares of FTRE stock opened at $22.03 on Tuesday. The stock has a 50-day simple moving average of $24.39 and a 200 day simple moving average of $30.74. Fortrea has a fifty-two week low of $18.07 and a fifty-two week high of $41.02. The stock has a market capitalization of $1.97 billion and a P/E ratio of -15.85. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.98.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Fortrea had a negative net margin of 4.11% and a positive return on equity of 4.76%. The firm had revenue of $662.40 million for the quarter, compared to the consensus estimate of $689.08 million. During the same period in the prior year, the business earned $0.52 EPS. The company’s quarterly revenue was down 8.6% compared to the same quarter last year. On average, sell-side analysts expect that Fortrea will post 0.72 earnings per share for the current fiscal year.

Insider Transactions at Fortrea

In other news, CEO Thomas Pike purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was bought at an average cost of $24.81 per share, with a total value of $248,100.00. Following the purchase, the chief executive officer now directly owns 57,827 shares of the company’s stock, valued at $1,434,687.87. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, General Counsel James S. Hanson acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average cost of $25.30 per share, with a total value of $50,600.00. Following the purchase, the general counsel now owns 7,475 shares of the company’s stock, valued at $189,117.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Pike acquired 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average cost of $24.81 per share, for a total transaction of $248,100.00. Following the completion of the purchase, the chief executive officer now directly owns 57,827 shares in the company, valued at approximately $1,434,687.87. The disclosure for this purchase can be found here. Company insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Brandes Investment Partners LP raised its stake in shares of Fortrea by 27.1% in the 2nd quarter. Brandes Investment Partners LP now owns 2,438,159 shares of the company’s stock valued at $56,845,000 after acquiring an additional 519,344 shares in the last quarter. William B. Walkup & Associates Inc. bought a new position in shares of Fortrea in the 2nd quarter valued at approximately $219,000. Algert Global LLC acquired a new stake in Fortrea in the 2nd quarter valued at approximately $200,000. Clearline Capital LP grew its holdings in Fortrea by 324.3% in the 2nd quarter. Clearline Capital LP now owns 249,533 shares of the company’s stock valued at $5,824,000 after buying an additional 190,728 shares during the last quarter. Finally, Sessa Capital IM L.P. grew its holdings in Fortrea by 5.9% in the 2nd quarter. Sessa Capital IM L.P. now owns 6,750,000 shares of the company’s stock valued at $157,545,000 after buying an additional 375,000 shares during 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.