Mizuho Cuts Fortrea (NASDAQ:FTRE) Price Target to $8.00

Fortrea (NASDAQ:FTRE) had its price target reduced by Mizuho from $10.00 to $8.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms also recently issued reports on FTRE. The Goldman Sachs Group reduced their price target on Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Wednesday. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Robert W. Baird set a $12.00 price target on Fortrea in a research note on Tuesday, March 4th. Barclays reduced their price target on Fortrea from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Tuesday. Finally, Truist Financial initiated coverage on Fortrea in a research report on Friday, May 2nd. They set a “hold” rating and a $7.00 target price for the company. Two investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $15.00.

Fortrea Stock Performance

Shares of NASDAQ FTRE opened at $4.44 on Wednesday. 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 $4.34 and a 12 month high of $28.42. The stock has a 50 day moving average of $6.66 and a 200-day moving average of $13.93. The company has a market capitalization of $402.00 million, a P/E ratio of -1.30, a P/E/G ratio of 1.78 and a beta of 2.15.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings results on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.09. The business had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. As a group, equities research analysts predict that Fortrea will post 0.51 EPS for the current year.

Hedge Funds Weigh In On Fortrea

A number of hedge funds have recently made changes to their positions in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fortrea in the fourth quarter valued at approximately $30,000. GF Fund Management CO. LTD. bought a new stake in shares of Fortrea during the 4th quarter valued at about $35,000. Brooklyn Investment Group boosted its position in shares of Fortrea by 9,577.5% during the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock valued at $29,000 after acquiring an additional 3,831 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Fortrea by 57.7% in the 4th quarter. Covestor Ltd now owns 4,356 shares of the company’s stock worth $81,000 after purchasing an additional 1,593 shares in the last quarter. Finally, Quarry LP boosted its holdings in shares of Fortrea by 1,218.7% in the 4th quarter. Quarry LP now owns 4,365 shares of the company’s stock worth $81,000 after purchasing an additional 4,034 shares in the last quarter.

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.