The Goldman Sachs Group Cuts Fortrea (NASDAQ:FTRE) Price Target to $5.00

Fortrea (NASDAQ:FTRE) had its price target lowered by The Goldman Sachs Group from $7.00 to $5.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts also recently weighed in on FTRE. Truist Financial began coverage on shares of Fortrea in a research note on Friday, May 2nd. They issued a “hold” rating and a $7.00 target price for the company. Barclays cut their price objective on shares of Fortrea from $6.00 to $5.00 and set an “underweight” rating on the stock in a research report on Tuesday. Robert W. Baird set a $12.00 price target on shares of Fortrea in a research report on Tuesday, March 4th. William Blair restated a “market perform” rating on shares of Fortrea in a research note on Tuesday, March 4th. Finally, Mizuho reduced their price objective on shares of Fortrea from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $15.00.

Fortrea Stock Performance

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 1 year low of $4.34 and a 1 year high of $28.42. The firm’s fifty day simple moving average is $6.66 and its 200 day simple moving average is $13.93. The firm has a market capitalization of $402.00 million, a PE ratio of -1.30, a PEG ratio of 1.78 and a beta of 2.15.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, May 12th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. The company had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. On average, sell-side analysts anticipate that Fortrea will post 0.51 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FTRE. JPMorgan Chase & Co. grew its position in shares of Fortrea by 21.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock worth $7,288,000 after buying an additional 63,766 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Fortrea in the fourth quarter valued at approximately $300,000. Alliancebernstein L.P. increased its holdings in Fortrea by 107.3% during the 4th quarter. Alliancebernstein L.P. now owns 111,845 shares of the company’s stock worth $2,086,000 after acquiring an additional 57,879 shares during the period. Raymond James Financial Inc. purchased a new position in Fortrea in the 4th quarter worth approximately $1,082,000. Finally, Norges Bank purchased a new position in Fortrea in the 4th quarter worth approximately $330,000.

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.