Fortrea’s (FTRE) Underweight Rating Reiterated at Barclays

Barclays reissued their underweight rating on shares of Fortrea (NASDAQ:FTRE) in a research note published on Thursday, Marketbeat reports. The firm currently has a $6.00 price objective on the stock, down from their previous price objective of $12.00.

Several other brokerages also recently commented on FTRE. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Evercore ISI dropped their price target on Fortrea from $20.00 to $15.00 and set an “in-line” rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird set a $12.00 price objective on Fortrea in a report on Tuesday, March 4th. Citigroup cut Fortrea from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $30.00 to $23.00 in a research note on Wednesday, December 11th. Finally, Mizuho cut their price target on shares of Fortrea from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $16.70.

Fortrea Price Performance

Fortrea stock opened at $5.18 on Thursday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $467.24 million, a P/E ratio of -1.51, a PEG ratio of 1.78 and a beta of 2.10. The business has a 50-day moving average of $10.77 and a 200-day moving average of $16.20. Fortrea has a 1 year low of $4.95 and a 1 year high of $39.49.

Fortrea (NASDAQ:FTRE) last issued its quarterly earnings data on Monday, March 3rd. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The firm had revenue of $697.00 million for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted $0.19 EPS. On average, equities analysts anticipate that Fortrea will post 0.51 EPS for the current year.

Insider Activity at Fortrea

In related news, CEO Thomas Pike sold 11,268 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $18.04, for a total transaction of $203,274.72. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 13,029 shares of company stock valued at $226,168. Corporate insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. FMR LLC grew its stake in shares of Fortrea by 67.7% in the fourth quarter. FMR LLC now owns 8,086,806 shares of the company’s stock valued at $150,819,000 after buying an additional 3,265,402 shares in the last quarter. Corvex Management LP lifted its stake in Fortrea by 56.7% in the fourth quarter. Corvex Management LP now owns 3,480,898 shares of the company’s stock valued at $64,919,000 after acquiring an additional 1,260,156 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Fortrea in the 4th quarter valued at about $7,787,000. Renaissance Technologies LLC increased its stake in shares of Fortrea by 2,996.0% during the 4th quarter. Renaissance Technologies LLC now owns 321,982 shares of the company’s stock worth $6,005,000 after purchasing an additional 311,582 shares during the last quarter. Finally, Peregrine Capital Management LLC bought a new stake in shares of Fortrea in the 4th quarter valued at about $5,627,000.

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.