Brokerages Set Fortrea Holdings Inc. (NASDAQ:FTRE) Price Target at $11.50

Fortrea Holdings Inc. (NASDAQ:FTRE) has earned a consensus rating of “Hold” from the twelve brokerages that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation, one has assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $11.50.

FTRE has been the topic of a number of research reports. Mizuho lowered their price objective on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Friday, July 11th. Evercore ISI increased their price objective on shares of Fortrea from $5.00 to $7.00 and gave the company an “in-line” rating in a research note on Friday, August 8th. Barclays reissued an “underweight” rating and issued a $6.00 price objective (up from $5.00) on shares of Fortrea in a research note on Thursday, August 7th. Robert W. Baird increased their price objective on shares of Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd. Finally, Baird R W raised shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 4th.

Fortrea Stock Performance

NASDAQ:FTRE opened at $9.37 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. Fortrea has a fifty-two week low of $3.97 and a fifty-two week high of $25.28. The stock has a market cap of $850.80 million, a PE ratio of -0.82 and a beta of 1.91. The firm’s fifty day simple moving average is $8.12 and its 200-day simple moving average is $6.72.

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

Insider Buying and Selling at Fortrea

In other Fortrea news, CFO Jill G. Mcconnell sold 4,886 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total value of $39,136.86. Following the transaction, the chief financial officer directly owned 54,770 shares in the company, valued at approximately $438,707.70. This represents a 8.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Erin L. Russell bought 9,854 shares of Fortrea stock in a transaction on Tuesday, September 2nd. The stock was purchased at an average price of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the acquisition, the director owned 9,854 shares in the company, valued at $100,018.10. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 72,354 shares of company stock worth $507,168 and have sold 10,311 shares worth $94,635. 0.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. purchased a new position in Fortrea in the 4th quarter valued at about $35,000. Brooklyn Investment Group lifted its holdings in Fortrea by 9,577.5% in the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock valued at $29,000 after purchasing an additional 3,831 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Fortrea in the 1st quarter valued at about $39,000. Allworth Financial LP lifted its holdings in Fortrea by 6,802.4% in the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock valued at $28,000 after purchasing an additional 5,578 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its holdings in shares of Fortrea by 74.3% during the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after acquiring an additional 2,918 shares during the period.

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.