Fortrea (NASDAQ:FTRE) Price Target Cut to $15.00 by Analysts at Evercore ISI

Fortrea (NASDAQ:FTRE) had its price objective reduced by Evercore ISI from $20.00 to $15.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s price objective suggests a potential upside of 37.74% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. William Blair reiterated a “market perform” rating on shares of Fortrea in a report on Tuesday. Barclays decreased their target price on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Tuesday. The Goldman Sachs Group decreased their target price on shares of Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday. TD Cowen raised their target price on shares of Fortrea from $23.00 to $25.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Finally, Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $28.00 to $25.00 in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $20.30.

Fortrea Trading Down 0.6 %

FTRE stock opened at $10.89 on Tuesday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. Fortrea has a 12-month low of $9.55 and a 12-month high of $41.02. The stock has a market cap of $976.83 million, a price-to-earnings ratio of -3.18, a PEG ratio of 1.78 and a beta of 1.34. The business’s 50-day moving average is $16.66 and its 200 day moving average is $19.01.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.18). Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The firm had revenue of $697.00 million during the quarter, compared to analyst estimates of $703.22 million. During the same quarter in the previous year, the firm posted $0.19 earnings per share. On average, sell-side analysts anticipate that Fortrea will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $18.04, for a total value of $203,274.72. Following the completion of the transaction, the chief executive officer now owns 159,868 shares in the company, valued at $2,884,018.72. The trade was a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 12,386 shares of company stock valued at $219,751 over the last quarter. 0.12% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortrea

Institutional investors have recently modified their holdings of the business. Hara Capital LLC acquired a new position in shares of Fortrea in the third quarter worth $29,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Fortrea in the fourth quarter worth $30,000. GF Fund Management CO. LTD. acquired a new position in shares of Fortrea in the fourth quarter worth $35,000. Covestor Ltd grew its stake in shares of Fortrea by 102.4% in the third quarter. Covestor Ltd now owns 2,763 shares of the company’s stock worth $55,000 after acquiring an additional 1,398 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Fortrea by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,241 shares of the company’s stock worth $64,000 after acquiring an additional 572 shares in the last quarter.

Fortrea Company Profile

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.