Fortrea (NASDAQ:FTRE) Raised to Buy at Wall Street Zen

Fortrea (NASDAQ:FTRE) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Friday.

A number of other equities analysts have also issued reports on FTRE. Mizuho decreased their target price 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 increased their target price 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. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 4th. Barclays reiterated an “underweight” rating and issued a $6.00 target price (up previously from $5.00) on shares of Fortrea in a research report on Thursday, August 7th. Finally, Jefferies Financial Group increased their target price on shares of Fortrea from $7.00 to $9.50 and gave the company a “hold” rating in a research report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Fortrea currently has an average rating of “Hold” and a consensus price target of $11.50.

Fortrea Stock Down 2.7%

Fortrea stock opened at $8.68 on Friday. The company has a 50-day simple moving average of $8.37 and a 200-day simple moving average of $6.70. The firm has a market capitalization of $788.14 million, a P/E ratio of -0.76 and a beta of 1.91. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.02 and a current ratio of 1.02. Fortrea has a one year low of $3.97 and a one year high of $25.28.

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

Insider Buying and Selling at Fortrea

In other Fortrea news, CFO Jill G. Mcconnell sold 3,156 shares of the company’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total transaction of $32,285.88. Following the completion of the sale, the chief financial officer directly owned 58,770 shares of the company’s stock, valued at approximately $601,217.10. This represents a 5.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Erin L. Russell bought 9,854 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was purchased at an average cost of $10.15 per share, for a total transaction of $100,018.10. Following the completion of the transaction, the director owned 9,854 shares of the company’s stock, valued at $100,018.10. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 72,354 shares of company stock valued at $507,168 and sold 10,311 shares valued at $94,635. 0.38% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortrea

A number of large investors have recently made changes to their positions in FTRE. Two Sigma Advisers LP acquired a new stake in shares of Fortrea during the fourth quarter valued at approximately $388,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Fortrea by 2.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 255,034 shares of the company’s stock worth $4,756,000 after purchasing an additional 5,691 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Fortrea by 6,216.1% in the first quarter. GAMMA Investing LLC now owns 59,245 shares of the company’s stock worth $447,000 after purchasing an additional 58,307 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Fortrea by 960.3% in the first quarter. SG Americas Securities LLC now owns 129,318 shares of the company’s stock worth $976,000 after purchasing an additional 117,122 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Fortrea in the first quarter worth approximately $9,232,000.

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.