Fortrea (NASDAQ:FTRE) Price Target Raised to $14.00

Fortrea (NASDAQ:FTRE) had its target price hoisted by Robert W. Baird from $9.00 to $14.00 in a research report sent to investors on Wednesday morning, Marketbeat reports. The firm currently has an outperform rating on the stock.

A number of other equities analysts have also recently commented on the company. Cowen reaffirmed a “hold” rating on shares of Fortrea in a report on Wednesday, May 14th. Baird R W upgraded Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Citigroup restated a “neutral” rating on shares of Fortrea in a research report on Thursday, May 22nd. The Goldman Sachs Group dropped their price target on Fortrea from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday, May 14th. Finally, Barclays restated an “underweight” rating and set a $6.00 target price (up previously from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fortrea currently has a consensus rating of “Hold” and a consensus target price of $12.78.

Fortrea Stock Performance

Fortrea stock opened at $11.63 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $1.06 billion, a P/E ratio of -1.02 and a beta of 1.91. The stock’s 50 day moving average is $6.90 and its 200 day moving average is $7.03. Fortrea has a twelve month low of $3.97 and a twelve month high of $25.28.

Fortrea (NASDAQ:FTRE) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.13. The company had revenue of $710.30 million for the quarter, compared to the consensus estimate of $631.61 million. Fortrea had a positive return on equity of 5.25% and a negative net margin of 37.57%. On average, equities research analysts predict that Fortrea will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Jill G. Mcconnell sold 4,886 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $8.01, for a total transaction of $39,136.86. Following the sale, the chief financial officer directly owned 54,770 shares of the company’s stock, valued at $438,707.70. The trade was a 8.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Erin L. Russell purchased 9,854 shares of the stock in a transaction on Tuesday, September 2nd. The stock was acquired at an average cost 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 of the company’s stock, valued at $100,018.10. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 72,354 shares of company stock valued at $507,168 over the last ninety days. 0.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FTRE. Allworth Financial LP raised its position in shares of Fortrea by 6,802.4% in the second quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after acquiring an additional 5,578 shares during the period. Brooklyn Investment Group raised 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 acquiring an additional 3,831 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fortrea in the 4th quarter valued at about $30,000. GF Fund Management CO. LTD. purchased a new stake in shares of Fortrea in the 4th quarter valued at approximately $35,000. Finally, Osaic Holdings Inc. grew its stake in shares of Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock valued at $38,000 after buying 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.