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

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

Several analysts recently commented on FTRE shares. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Mizuho reduced their price target on shares of Fortrea from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Friday, July 11th. Evercore ISI upped their price target on shares of Fortrea from $5.00 to $7.00 and gave the company an “in-line” rating in a research report on Friday, August 8th. Barclays reiterated an “underweight” rating and issued a $6.00 price target (up previously from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Finally, Robert W. Baird upped their price target on shares of Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research report on Wednesday, September 3rd.

Insiders Place Their Bets

In other news, Director Erin L. Russell acquired 9,854 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was bought at an average price of $10.15 per share, for a total transaction of $100,018.10. Following the transaction, the director owned 9,854 shares in the company, valued at $100,018.10. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peter M. Neupert acquired 32,500 shares of the business’s stock in a transaction on Monday, August 11th. The shares were purchased at an average price of $6.26 per share, with a total value of $203,450.00. Following the transaction, the director owned 98,132 shares in the company, valued at $614,306.32. The trade was a 49.52% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 72,354 shares of company stock worth $507,168 and sold 10,311 shares worth $94,635. 0.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortrea

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its position in Fortrea by 736.6% during the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock worth $59,000 after buying an additional 6,909 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Fortrea by 56.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 17,343 shares of the company’s stock worth $122,000 after buying an additional 6,270 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Fortrea during the 1st quarter worth $575,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Fortrea during the 1st quarter worth $119,000. Finally, AQR Capital Management LLC grew its stake in shares of Fortrea by 181.9% during the 1st quarter. AQR Capital Management LLC now owns 1,095,282 shares of the company’s stock worth $8,269,000 after purchasing an additional 706,779 shares during the period.

Fortrea Stock Down 2.8%

FTRE stock opened at $9.37 on Friday. The company has a fifty day moving average price of $8.12 and a 200 day moving average price of $6.72. Fortrea has a 12 month low of $3.97 and a 12 month high of $25.28. The company has a market cap of $850.80 million, a price-to-earnings ratio of -0.82 and a beta of 1.91. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.02 and a quick ratio of 1.02.

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

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.