Fortrea (NASDAQ:FTRE) Trading Up 5.3% – Time to Buy?

Fortrea Holdings Inc. (NASDAQ:FTRE) was up 5.3% during trading on Monday . The company traded as high as $6.28 and last traded at $6.24. Approximately 194,689 shares traded hands during trading, a decline of 88% from the average daily volume of 1,642,232 shares. The stock had previously closed at $5.92.

Analyst Upgrades and Downgrades

FTRE has been the topic of a number of research reports. Mizuho lowered their price objective on Fortrea from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. Barclays reiterated an “underweight” rating and issued a $6.00 price objective (down from $12.00) on shares of Fortrea in a research note on Thursday, April 10th. William Blair reaffirmed a “market perform” rating on shares of Fortrea in a report on Tuesday, March 4th. The Goldman Sachs Group decreased their price objective on Fortrea from $22.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Finally, Robert W. Baird set a $12.00 target price on Fortrea in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $16.70.

Fortrea Stock Up 1.9 %

The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.74. The stock has a 50-day simple moving average of $8.82 and a two-hundred day simple moving average of $15.21. The firm has a market cap of $544.36 million, a PE ratio of -1.76, a P/E/G ratio of 1.78 and a beta of 2.10.

Fortrea (NASDAQ:FTRE) last released its earnings results on Monday, March 3rd. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.18). The company had revenue of $697.00 million during the quarter, compared to the consensus estimate of $703.22 million. Fortrea had a negative net margin of 10.99% and a positive return on equity of 2.00%. During the same period last year, the firm posted $0.19 EPS. Analysts expect that Fortrea Holdings Inc. will post 0.51 earnings per share for the current year.

Institutional Trading of Fortrea

Several large investors have recently modified their holdings of FTRE. JPMorgan Chase & Co. raised its holdings in shares of Fortrea by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 364,413 shares of the company’s stock valued at $7,288,000 after acquiring an additional 63,766 shares in the last quarter. Penn Davis Mcfarland Inc. raised its stake in Fortrea by 0.8% in the fourth quarter. Penn Davis Mcfarland Inc. now owns 1,106,080 shares of the company’s stock worth $20,628,000 after buying an additional 8,884 shares in the last quarter. SG Americas Securities LLC purchased a new position in Fortrea during the fourth quarter valued at $227,000. Whalen Wealth Management Inc. purchased a new position in Fortrea during the fourth quarter valued at $204,000. Finally, KBC Group NV grew its stake in shares of Fortrea by 5.0% in the fourth quarter. KBC Group NV now owns 35,031 shares of the company’s stock worth $654,000 after acquiring an additional 1,659 shares during 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.