Fortrea (NASDAQ:FTRE) Upgraded to Hold at Zacks Research

Fortrea (NASDAQ:FTRE) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other analysts also recently weighed in on FTRE. Jefferies Financial Group reaffirmed a “hold” rating and issued a $21.50 target price on shares of Fortrea in a research report on Friday, October 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortrea in a research report on Thursday, October 15th. Deutsche Bank raised shares of Fortrea from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $20.00 to $25.00 in a research note on Thursday, October 15th. Barclays boosted their price objective on shares of Fortrea from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th. Finally, Wall Street Zen downgraded Fortrea from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Fortrea has a consensus rating of “Hold” and an average target price of $24.23.

Fortrea Trading Down 4.7%

FTRE opened at $20.38 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.94. Fortrea has a 52 week low of $8.55 and a 52 week high of $26.16. The stock has a market cap of $1.97 billion, a PE ratio of -27.92, a PEG ratio of 0.53 and a beta of 1.88. The business has a 50 day moving average of $20.70 and a 200-day moving average of $15.92.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings results on Thursday, October 29th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.06. The company had revenue of $691.50 million for the quarter, compared to analysts’ expectations of $671.57 million. Fortrea had a positive return on equity of 13.98% and a negative net margin of 2.58%. Equities research analysts predict that Fortrea will post 0.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortrea

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in 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 acquiring an additional 716 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Fortrea by 9.5% in the first quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company’s stock worth $103,000 after purchasing an additional 953 shares during the period. Ethic Inc. boosted its position in shares of Fortrea by 7.4% in the third quarter. Ethic Inc. now owns 14,928 shares of the company’s stock worth $298,000 after purchasing an additional 1,029 shares during the period. Financial Management Professionals Inc. purchased a new stake in shares of Fortrea in the third quarter worth $30,000. Finally, Amundi increased its stake in shares of Fortrea by 20.2% in the first quarter. Amundi now owns 12,490 shares of the company’s stock worth $118,000 after purchasing an additional 2,101 shares in the last quarter.

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.