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

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE) have earned a consensus recommendation of “Hold” from the twelve ratings firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, nine have given a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $12.2222.

A number of analysts have recently commented on the stock. Robert W. Baird upgraded shares of Fortrea from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $7.00 to $9.00 in a report on Monday, August 4th. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a report on Monday, August 4th. Mizuho dropped their target price on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday, July 11th. Citigroup reaffirmed a “neutral” rating on shares of Fortrea in a research report on Thursday, May 22nd. Finally, Cowen reaffirmed a “hold” rating on shares of Fortrea in a research report on Wednesday, May 14th.

Insider Activity

In other news, CFO Jill G. Mcconnell sold 4,886 shares of Fortrea stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $8.01, for a total value of $39,136.86. Following the completion of the transaction, the chief financial officer owned 54,770 shares of the company’s stock, valued at $438,707.70. The trade was a 8.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter M. Neupert purchased 32,500 shares of the stock in a transaction dated Monday, August 11th. The stock was bought at an average cost of $6.26 per share, with a total value of $203,450.00. Following the transaction, the director owned 98,132 shares in the company, valued at $614,306.32. The trade was a 49.52% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 10,207 shares of company stock valued at $61,325. 0.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortrea

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Fortrea by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company’s stock worth $75,147,000 after purchasing an additional 69,005 shares during the last quarter. AQR Capital Management LLC raised its position in Fortrea by 494.8% in the 2nd quarter. AQR Capital Management LLC now owns 6,515,124 shares of the company’s stock worth $31,729,000 after buying an additional 5,419,842 shares during the last quarter. Corvex Management LP raised its position in Fortrea by 28.6% in the 1st quarter. Corvex Management LP now owns 4,474,898 shares of the company’s stock worth $33,785,000 after buying an additional 994,000 shares during the last quarter. Millennium Management LLC raised its position in Fortrea by 1,625.8% in the 1st quarter. Millennium Management LLC now owns 3,499,220 shares of the company’s stock worth $26,419,000 after buying an additional 3,296,461 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Fortrea by 37.2% in the 2nd quarter. Geode Capital Management LLC now owns 2,171,450 shares of the company’s stock worth $10,728,000 after buying an additional 589,145 shares during the last quarter.

Fortrea Stock Performance

Shares of FTRE stock opened at $8.98 on Wednesday. Fortrea has a 12 month low of $3.97 and a 12 month high of $25.28. The stock has a market cap of $815.38 million, a PE ratio of -0.79 and a beta of 1.81. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.87. The company’s fifty day moving average price is $6.11 and its 200-day moving average price is $7.24.

Fortrea (NASDAQ:FTRE) last announced its earnings results on Wednesday, August 6th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.13. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The firm had revenue of $710.30 million for the quarter, compared to analysts’ expectations of $631.61 million. On average, equities analysts expect that Fortrea will post 0.51 EPS for the current fiscal year.

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.