Fortrea (NASDAQ:FTRE) Cut to Hold at Zacks Research

Zacks Research downgraded shares of Fortrea (NASDAQ:FTRE) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

Several other analysts have also recently commented on FTRE. Citigroup reiterated a “neutral” rating on shares of Fortrea in a research note on Tuesday, October 7th. Mizuho boosted their price target on shares of Fortrea from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Friday, October 17th. Robert W. Baird boosted their price target on shares of Fortrea from $9.00 to $14.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 3rd. Baird R W upgraded shares of Fortrea from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 4th. Finally, Jefferies Financial Group upped 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 investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Fortrea presently has an average rating of “Hold” and a consensus target price of $12.39.

Fortrea Trading Up 1.3%

Shares of Fortrea stock opened at $10.52 on Monday. The company’s fifty day simple moving average is $9.54 and its 200-day simple moving average is $6.86. The stock has a market capitalization of $955.22 million, a PE ratio of -0.92, a P/E/G ratio of 0.45 and a beta of 1.81. Fortrea has a 1-year low of $3.97 and a 1-year high of $25.28. 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 earnings results on Friday, May 24th. The company reported $0.37 earnings per share for the quarter. Fortrea had a negative net margin of 37.57% and a positive return on equity of 5.25%. The company had revenue of $693.90 million for the quarter. As a group, equities analysts anticipate that Fortrea will post 0.51 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Jill G. Mcconnell sold 3,156 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $10.23, for a total value of $32,285.88. Following the sale, the chief financial officer directly owned 58,770 shares of the company’s stock, valued at $601,217.10. This represents a 5.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Erin L. Russell acquired 9,854 shares of Fortrea stock in a transaction that occurred on 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 directly owned 9,854 shares in the company, valued at $100,018.10. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 72,354 shares of company stock valued at $507,168 and have sold 10,311 shares valued at $94,635. 0.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Fortrea

Hedge funds have recently added to or reduced their stakes in the stock. Brooklyn Investment Group grew its stake in Fortrea by 9,577.5% in the 1st quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after acquiring an additional 3,831 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Fortrea in the 1st quarter worth about $39,000. Allworth Financial LP grew its stake in Fortrea by 6,802.4% in the 2nd quarter. Allworth Financial LP now owns 5,660 shares of the company’s stock worth $28,000 after acquiring an additional 5,578 shares in the last quarter. GAMMA Investing LLC grew its stake in Fortrea by 88.2% in the 3rd quarter. GAMMA Investing LLC now owns 6,043 shares of the company’s stock worth $51,000 after acquiring an additional 2,832 shares in the last quarter. Finally, Osaic Holdings Inc. grew its stake in Fortrea by 74.3% in the 2nd quarter. Osaic Holdings Inc. now owns 6,844 shares of the company’s stock worth $38,000 after acquiring an additional 2,918 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.