Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Average Rating of “Reduce” from Brokerages

Fortrea Holdings Inc. (NASDAQ:FTRE) has received a consensus rating of “Reduce” from the twelve research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and eleven have given a hold recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $23.30.

A number of analysts recently weighed in on the company. Barclays increased their price objective on Fortrea from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Citigroup cut shares of Fortrea from a “buy” rating to a “neutral” rating and cut their price target for the company from $30.00 to $23.00 in a research report on Wednesday, December 11th. TD Cowen increased their price objective on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Robert W. Baird cut shares of Fortrea from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $28.00 to $25.00 in a research report on Friday, December 6th. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research report on Friday, November 8th.

Fortrea Stock Down 2.5 %

NASDAQ FTRE opened at $14.69 on Friday. The business has a fifty day moving average price of $18.30 and a two-hundred day moving average price of $20.09. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.18 and a quick ratio of 1.18. Fortrea has a fifty-two week low of $14.27 and a fifty-two week high of $41.02. The stock has a market capitalization of $1.32 billion, a PE ratio of -4.30, a PEG ratio of 1.76 and a beta of 1.20.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $18.04, for a total transaction of $203,274.72. Following the completion of the transaction, the chief executive officer now owns 159,868 shares of the company’s stock, valued at approximately $2,884,018.72. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Fortrea

Several institutional investors and hedge funds have recently added to or reduced their stakes in FTRE. JPMorgan Chase & Co. raised its position in Fortrea by 21.2% in the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after acquiring an additional 63,766 shares during the period. Penn Davis Mcfarland Inc. raised its position in shares of Fortrea by 86.4% during the 3rd quarter. Penn Davis Mcfarland Inc. now owns 1,097,196 shares of the company’s stock valued at $21,944,000 after purchasing an additional 508,664 shares during the period. Starboard Value LP increased its holdings in Fortrea by 5.0% in the 3rd quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock valued at $168,000,000 after acquiring an additional 400,000 shares during the last quarter. State Street Corp increased its holdings in Fortrea by 7.7% in the 3rd quarter. State Street Corp now owns 3,250,693 shares of the company’s stock valued at $65,014,000 after acquiring an additional 233,577 shares during the last quarter. Finally, Mutual of America Capital Management LLC increased its holdings in Fortrea by 9.0% in the 3rd quarter. Mutual of America Capital Management LLC now owns 495,444 shares of the company’s stock valued at $9,909,000 after acquiring an additional 40,748 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.