Fortrea Holdings Inc. (NASDAQ:FTRE) Receives Average Recommendation of “Hold” from Analysts

Fortrea Holdings Inc. (NASDAQ:FTRE) has been given a consensus recommendation of “Hold” by the thirteen ratings firms that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, nine have given a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $11.6875.

A number of research analysts recently issued reports on FTRE shares. Weiss Ratings restated a “sell (d-)” rating on shares of Fortrea in a research note on Wednesday, October 8th. Mizuho set a $11.00 target price on shares of Fortrea in a research report on Friday, November 7th. Jefferies Financial Group upped their price target 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. Evercore ISI set a $14.00 price target on shares of Fortrea in a research note on Thursday, November 6th. Finally, Robert W. Baird lifted their price objective on shares of Fortrea from $9.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, September 3rd.

Fortrea Trading Down 0.5%

Shares of Fortrea stock opened at $14.50 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.81. The company has a fifty day simple moving average of $10.68 and a 200-day simple moving average of $8.10. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -1.29, a PEG ratio of 0.68 and a beta of 1.76. Fortrea has a 12-month low of $3.97 and a 12-month high of $23.97.

Fortrea (NASDAQ:FTRE) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.04). Fortrea had a negative net margin of 36.77% and a positive return on equity of 5.64%. The company had revenue of $701.30 million during the quarter, compared to analysts’ expectations of $643.43 million. On average, equities analysts forecast that Fortrea will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortrea news, CFO Jill G. Mcconnell sold 3,156 shares of the company’s stock in a transaction that occurred on Tuesday, September 9th. The stock was 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 $601,217.10. This represents a 5.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 5,425 shares of company stock worth $55,498. 0.38% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fortrea

Several large investors have recently modified their holdings of FTRE. Mackenzie Financial Corp acquired a new position in Fortrea in the 1st quarter valued at $717,000. Jefferies Financial Group Inc. acquired a new stake in shares of Fortrea in the 1st quarter worth $596,000. Vanguard Group Inc. increased its stake in shares of Fortrea by 0.7% during the first quarter. Vanguard Group Inc. now owns 9,953,261 shares of the company’s stock worth $75,147,000 after acquiring an additional 69,005 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Fortrea by 55.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 952,021 shares of the company’s stock worth $7,188,000 after purchasing an additional 339,124 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in Fortrea by 17,183.6% during the first quarter. Deutsche Bank AG now owns 1,165,086 shares of the company’s stock worth $8,796,000 after purchasing an additional 1,158,345 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.