Fortrea Holdings Inc. (NASDAQ:FTRE) Given Consensus Recommendation of “Hold” by Analysts

by · The Markets Daily

Shares of Fortrea Holdings Inc. (NASDAQ:FTRE – Get Free Report) have been given a consensus recommendation of “Hold” by the twelve ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $23.70.

A number of brokerages have recently commented on FTRE. Barclays dropped their target price on shares of Fortrea from $30.00 to $21.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 13th. Robert W. Baird cut their price objective on shares of Fortrea from $38.00 to $28.00 and set an “outperform” rating on the stock in a report on Tuesday, August 13th. Evercore ISI lowered their target price on shares of Fortrea from $22.00 to $20.00 and set an “in-line” rating for the company in a report on Tuesday. Bank of America cut their price target on Fortrea from $26.00 to $21.00 and set an “underperform” rating on the stock in a research note on Tuesday, August 13th. Finally, William Blair reissued a “market perform” rating on shares of Fortrea in a report on Wednesday, September 11th.

View Our Latest Analysis on Fortrea

Fortrea Trading Down 2.7 %

Shares of FTRE opened at $18.64 on Friday. Fortrea has a 1-year low of $18.04 and a 1-year high of $41.02. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of -13.41, a PEG ratio of 2.21 and a beta of 0.54. The firm’s 50-day moving average price is $21.75 and its 200-day moving average price is $27.11. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.77.

Fortrea (NASDAQ:FTRE – Get Free Report) last posted its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Fortrea had a positive return on equity of 1.98% and a negative net margin of 10.09%. The firm had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $689.08 million. During the same quarter last year, the company posted $0.52 EPS. The firm’s revenue was down 8.6% on a year-over-year basis. Sell-side analysts anticipate that Fortrea will post 0.6 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FTRE. Parallel Advisors LLC purchased a new stake in Fortrea in the fourth quarter worth approximately $36,000. Treasurer of the State of North Carolina bought a new stake in shares of Fortrea in the fourth quarter worth $1,370,000. KBC Group NV bought a new stake in shares of Fortrea in the fourth quarter worth $1,411,000. CIBC Asset Management Inc purchased a new stake in Fortrea during the fourth quarter valued at $322,000. Finally, Gabelli Funds LLC bought a new position in Fortrea in the fourth quarter valued at about $2,048,000.

Fortrea Company Profile

(Get Free Report

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.

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