Barclays Issues Pessimistic Forecast for Fortrea (NASDAQ:FTRE) Stock Price

Fortrea (NASDAQ:FTRE) had its target price cut by equities researchers at Barclays from $6.00 to $5.00 in a note issued to investors on Tuesday, MarketBeat reports. The firm currently has an “underweight” rating on the stock. Barclays‘s price target would indicate a potential upside of 4.60% from the company’s current price.

Several other equities analysts also recently issued reports on FTRE. Robert W. Baird set a $12.00 price target on shares of Fortrea in a research note 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 for the company in a report on Tuesday, March 4th. Mizuho cut their target price on Fortrea from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. William Blair reiterated a “market perform” rating on shares of Fortrea in a research report on Tuesday, March 4th. Finally, Truist Financial started coverage on Fortrea in a research report on Friday, May 2nd. They set a “hold” rating and a $7.00 price objective for the company. Two research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $15.00.

Fortrea Price Performance

Fortrea stock opened at $4.78 on Tuesday. The stock has a 50-day moving average price of $6.88 and a two-hundred day moving average price of $14.11. Fortrea has a 12 month low of $4.49 and a 12 month high of $29.32. The company has a market capitalization of $432.78 million, a PE ratio of -1.40, a P/E/G ratio of 1.78 and a beta of 2.15. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Monday, May 12th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.09. Fortrea had a positive return on equity of 2.00% and a negative net margin of 10.99%. The company had revenue of $651.30 million during the quarter, compared to the consensus estimate of $609.63 million. Analysts expect that Fortrea will post 0.51 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FTRE. Brooklyn Investment Group grew its stake in Fortrea by 9,577.5% during the first quarter. Brooklyn Investment Group now owns 3,871 shares of the company’s stock worth $29,000 after purchasing an additional 3,831 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fortrea during the 4th quarter worth approximately $30,000. GF Fund Management CO. LTD. acquired a new stake in shares of Fortrea during the 4th quarter worth approximately $35,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Fortrea in the 1st quarter valued at $39,000. Finally, GAMMA Investing LLC lifted its position in shares of Fortrea by 736.6% during the 1st quarter. GAMMA Investing LLC now owns 7,847 shares of the company’s stock valued at $59,000 after acquiring an additional 6,909 shares during the period.

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.