Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) Price Target at $20.30

Fortrea Holdings Inc. (NASDAQ:FTRE) has received an average rating of “Reduce” from the twelve research firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $20.30.

A number of equities research analysts have recently weighed in on FTRE shares. William Blair reissued a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. Robert W. Baird lowered shares of Fortrea from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $28.00 to $25.00 in a report on Friday, December 6th. Barclays dropped their price objective on shares of Fortrea from $25.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Evercore ISI dropped their price objective on shares of Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a report on Tuesday, March 4th. Finally, Baird R W lowered shares of Fortrea from a “strong-buy” rating to a “hold” rating in a report on Friday, December 6th.

Insider Buying and Selling at Fortrea

In other Fortrea news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction dated 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 approximately $2,884,018.72. This represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders have sold 12,386 shares of company stock valued at $219,751. 0.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Fortrea by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 9,884,256 shares of the company’s stock worth $184,341,000 after acquiring an additional 120,599 shares during the period. Starboard Value LP raised its position in shares of Fortrea by 5.0% in the third quarter. Starboard Value LP now owns 8,400,000 shares of the company’s stock worth $168,000,000 after acquiring an additional 400,000 shares during the period. FMR LLC raised its position in shares of Fortrea by 67.7% during the 4th quarter. FMR LLC now owns 8,086,806 shares of the company’s stock worth $150,819,000 after purchasing an additional 3,265,402 shares during the last quarter. Sessa Capital IM L.P. raised its position in shares of Fortrea by 2.3% during the 3rd quarter. Sessa Capital IM L.P. now owns 6,908,044 shares of the company’s stock worth $138,161,000 after purchasing an additional 158,044 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Fortrea by 5,021,169.7% during the 3rd quarter. Pacer Advisors Inc. now owns 6,125,949 shares of the company’s stock worth $122,519,000 after purchasing an additional 6,125,827 shares during the last quarter.

Fortrea Price Performance

NASDAQ FTRE opened at $10.68 on Wednesday. The firm’s fifty day simple moving average is $16.16 and its two-hundred day simple moving average is $18.76. 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 firm has a market capitalization of $963.34 million, a P/E ratio of -3.12, a P/E/G ratio of 1.78 and a beta of 1.34.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million for the quarter, compared to analysts’ expectations of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period last year, the firm earned $0.19 earnings per share. Analysts forecast that Fortrea will post 0.51 EPS for the current fiscal year.

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.